Copying to a higher bitrate would not improve the Picture Quality over the ORIGINAL. I realize that's not what you're asking. LP->LP is likely to degrade the picture quality slightly, less so with LP->SP (or better). This is why we tend to recommend against re-encoding, because PQ degradation is unavoidable. This is a similar question to what's the best bitrate to record VHS at, even though VHS quality is low, it still pays to use a high bitrate. Same with your LP original content. But the difference may not be worth worrying about, that's a subjective call, in the eye of the beholder, you'll have to make that decision yourself. Just try it both (or all three) ways and make your decision based on what you see when you play it back (and of course the other factors like being able to fit 4 programs on a disc).