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VGA resolution video capture and encode to H.264 L138 or DM3730?

I'm having a tough time determining what would be best for a low resolution application:  1 Channel of NTSC video capture and encode to H.264 at 640x480 resolution.

Clearly the DaVinci series are purpose built for digital video, but they're so much more expensive and I need to keep this design as low cost as possible.  Which device makes more sense, or is there another that would be better still?