Well, finally something I'm reasonably comfortable with.
Firstly, yes. It can and will work very nicely. But you have to understand the source, the output and what to use.
If you have a decent system, I'd recommend finding your limits. Find a YouTube video you like. A movie trailer works. (Plenty of resolution options and such)
If you have no idea what you're doing, this would be the trial and error part. Download the 4k and 8k (if they have it). Does your system run those without stutter? Good.
Now try re-encoding to hevc .265 high motion 4k\8k and try to play it again. Find what your limits are, find out what you want.
If you get the frameskips and stutters,
You Might want to rethink upgrading your collection. Upscaling will 100% your system for hours if you have a "meh" setup on just one full movie. (Rule of thumb would be double the time it runs. One hour if movie is 2 hours encoding, 3 times the disk space it takes up, etc)
What you're looking for is NOT the resolution.. That's just a tiny part of it. You can find a 720p60 video at 20 mbps that'll blow you away compared to a 4k 23 fps "web streaming quality" 15 mbps trash vid.
(A 5 liter engine puts out horses, but if you're pushing 10 tons of metal as opposed to 5... Get my drift?)
You can absolutely get a reasonable output from the old ntsc tapes and DVDs you have.
------
Pay attention to your bitrates.
Are we converting from an interlaced or progressive source? Do you want ntsc standard 23.976, 48 or 60? What's your bitrate ceiling? How many passes are we using? What's motion compensation set to? Cbr or vbr? Are you putting it back onto a dvd, a bluray, pc, mobile, set-top media center? What is supported?
If you don't know what to do, then you'll get terrible output that doesn't fit your goal.
\takes a kid off the street and commands him to paint a building
You wouldn't go into that situation blindly, right? Apply the same logic to encoding and learn every step.