I don't think Honestech can deliver proper interlaced video. I have Honestech VHS to DVD 3.0 SE, and could not make it produce interlaced video, all I was getting was 30p. But it does have both NTSC and PAL settings.
Why would not you try other software? Are you on Windows? You can try VirtualDub (or VirtualDub2, it offers more container options and has built-in Cineform codec), or AmarecTV. Do not use OBS. You will need to install codecs to capture into to your liking, MPEG-2 is not included.
MPEG-2 is used for DVDs, but who really authors DVDs these days?
This is my workflow (Youtube video), I don't suggest you to follow it to the T, but maybe you want to take a cursory look. Ideally, you should capture 25i. Then you would make a 50p deliverable for Youtube, then if you really want you can convert 50p into 30i to burn to a DVD to play on an NTSC player, it will look better than converted from 25p.