The WMV media container and the codecs under same umbrella
name (I know some 3 different versions) can provide really good video quality, especially for reasonably low bit rate. The problem is that these container format and codecs are proprietary. You can freely use them for conversion and playing, but they are unsuitable for the Web. Web requires open formats.
For further detail, please see my recent answer of video container formats and codecs, closely related to your question:
HTML5 and Mime, Streaming a video?
Also, see the post reference above and pay attention for my recommendations to use ffMpeg or libavcodec utilities for media conversion. There are widely universal. It's very likely that they will help you to re-master your video records to present them properly in your Web applications.
I think this is a way to go. You can re-master your video using these utilities taking into account present-day or future Web requirements. As far as re-mastering is concerned, let me quote my own answer referenced above though: "The selection of good sets of encoding parameters to provide a reasonable trade-off between size of the file and quality is a separate song. You may need to experiment for a while and read some practical recommendation to gain enough experience."