codec specifically for video without sound?

[anystupidname]

I'd like to cleanup and encode this video from my childhood. It doesn't have sound. It was originally on 8mm I believe and I think it was put on VHS a long time ago and now it is in the form of two VOBs. It looks pretty bad in places and has no sound. I have a couple questions:

-How should I cleanup the video (static, jerkiness, strange color hues, inconsistent brightness...) without losing the good stuff?
-Is there a codec that is specifically made for old video?
-Is there a codec that is specifically made for video without sound?
-what codec do YOU think will stay relatively standard over time (aside from DVD video I suppose)
-should I encode it with different codecs to 2 or 3 different files for good measure? (I'd like my kids and grandkids to see it)

Thanks for reading this and any suggestions will be appreciated!

[kayosiii]

mjpeg encoding with as high quality as you can handle would probably be my best bet. Format seems widely supported a lot of older hardware capture used this format - With low compression looks not particularly digital but will consume quite a lot of space...