Does this mean that VHS tapes lose magnetic charge over time?
I don't know, but I have seen old VHS that looked like shit on a screen. The only way to play them properly was to use a Super VHS player. The player itself was some kind of magical enhancer.
You DO have a S-VHS player, right? Right?
Also I have never seen Hi8 before but it reminded me of the Super 8 which was great for home movies. Since you could see all the frames, you could cut it physically and glue the pieces of tape to do whatever you wanted. Something like that, it was fun: http://www.mondofoto.com/manuals/kodakpresstapesplicer/kodak_presstape-universal-splicer_03.jpg