All-In-Wonder or Wonder Elite?

I have to set up a box at my work that we will be using to record tv
to later webcast on our site (don't worry, we're partnered so it's not
illegal!) However, I'm wondering what will be a better solution.
Should I get the ATI All-In-Wonder X800 XT (or X1900 XT if the new box
has PCI express) or should I get a Radeon X1900 and a TV Wonder Elite?
I'm concerned about the AIW not having a hardware MPEG2 encoder, but
I'm not really sure that's going to be neccessary for what we're
doing. We may be wanting to stop and restart recording on a dime so we
can edit half of our video before the broadcast is over. Is a hardware
MPEG2 encoder better for this or will it hinder this? Thanks in
advance for the feedback!