I currently have a pretty simple setup, using my old ZOOM Q3HD for both audio and video. I separate the audio with Audacity (free) to get rid of background noise, use Mp3 Gain (free) to set the volume to the level I use when creating mp3s from my old vinyl, then reassemble the audio and video and clip both in HitFilm Express (also free and recommended by Fran Guidry). I still have MovieMaker on my PC so use that to create the final video.
The biggest downside is the inability to get a good balance between vocals and guitar, and while I've thought about getting a new audio interface to record separate tracks (my old one doesn't work with newer operating systems), I'm not sure the result would be worth the added effort and expense.
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