Kool,
Wow, that VCR sounds like it's real old !
One way to resolve this, is for you to get a few items, and it depends on what kind of connections you have on your TV.
Figure 1: (for a TV with only one Coax Input)
Shows your Antenna connected to a Splitter.
Then one "OUT" of the Splitter goes to the A/B Switch.
The other "OUT" of the Splitter, goes to the VCR.
The "OUT" of the VCR goes to the other side of the A/B Switch.
The "OUT" of the A/B Switch, goes to your TV.
You then just move the Switch from A to B, to watch TV or your VCR.
Figure 2: (for a TV with Coax and A/V Input's)
The Antenna and Splitter routing is the same as above.
Except, that you can use an A/V Cable to connect your VCR to your TV. And you don't need an A/B Switch.
You watch regular Channels by changing the TV from Ch 2 to Ch 69, and watch your VCR by tuning your TV to Aux, L1, F1 or what ever setting displays the A/V inputs.
Either of these configurations, will let you watch one Channel, while Recording another.
Look at this Picture:
http://www.diyforums.net/index.php?option=com_zoom&
Itemid=42&PageNo=1&catid=2&hit=1&id=86&lang=en&
page=view
If you still need help, let's talk more !
Have a good Day !
S.W.