I was looking at a few things.
First from monoprice, composite to hdmi
Composite to Hdmi
I was also looking at the SCART devices
Any help would be great with this or advice.
A 2nd hand iScan HD will cost you about $100-120, but it's worth it compared to buying several really bad converters which you will eventually not use anyway.
Here's a sample recording, using a HDPVR2 and a VP20. The HDPVR2 - just like the BMD does not accept 240p on it's own: http://www.youtube.com/watch?v=pUeZxXm8_II
I use a bunch of VPs for playing games, check my signature for extensive reviews of most units.
This video explains how to record in 240p gameplay of the retroconsole with Thunderbolt Blackmagic Intensity. The video is in Italian but you understand what to do and what you need to connect. However you will find some useful information in the infobox.