fmpeg -i Old_VHS_copy.avi -threads 0 -aspect 4:3 -vf "pp=ac/lb/ha/va/dr/al,frei0r=brightness:0.625,frei0r=contrast0r:1.05,frei0r=saturat0r:0.10,hqdn3d=4:4:7,scale=480:-1,unsharp" -codec:a libfaac -b:a 64k -codec:v libx264 -profile:v high444 -preset:v placebo Much_Better.mkv
Found the frei0r contrast/brightness/saturation controls MUCH better than the MP2 ones.
Amount of de-noise (before downsize) and sharpening (after) is to taste, obviously, as is the amount of brightness/contrast improvement. This source was AWFUL!