You can hammer nails with a rock.
Ideal? No.
Get the job done? Yes.
Keep your chin up and make the best out of what you got to work with. Not all of us can start with a Red or an HPX.
If you go with the HV20/30, a decent tripod, a mic, and have a few coins left over, then look into the Blackmagic Design - Intensity capture card ($200-ish). Then you can capture uncompressed HD (hard drive speed permitting), from the $600 camcorder. If oyu have a home studio environment, you can originate your material in Higher quality HD by bypassing tape altogether.