Actually my deck includes a built-in TBC. Are you sure that the "wavy lines that are showing on vertical objects" are not just because the video is interlaced?
The spatial alignment between captures is not prefect, but good enough IMO to remove dropouts without looking "fuzzy".
As for temporal alignment, you are correct - one capture does go out by one frame some time in the middle, then comes back into sync near the end. I don't think howver it's going to be tedious and complex to fix this.