Aspect wrong on VHS to DVD conversion

I admit, the more I read, the more confused I'm getting. I am trying to convert my VHS to DVD and either I have the worst DVD player or more likely, its me. After using Roxio convert to capture the VHS in MPEG2 format with 720x480 4:3 format, it plays fine on a computer (with media info stating its 720x480 4:3 but displays in viewer as 640x480 which is confusing) so I used FFMpeg to clean and tweak it to the same dimensions and aspect, then used AVS4YOU to convert to DVD with menus.

When I played the burned DVD on my Blu_ray player (DVD dead ATM), no matter whether I choose standard, fill or overscan, the image always fills the whole screen. After reading that I needed to change the IFO files for Pan & Scan and auto letterboxing, I used IFOEdit to fix and reconverted. Same issue. Even tried without using ffmpeg but the same issue occurs.

This is probably very basic for the experts here but, as I mentioned earlier, the more I read about and
I admit, I'm lost as to why 2.35:1, 1024x 576, etc. Any help would be appreciated as to how I can get the letterboxes to display, which I assume I need for a 4:3 movie on a 16:9 screen. A good site that explains this as well as how or why I might want to convert this to 16:9 and maintain aspect of ???? would be a help also.

If this sounds confusing, I admit, I am. Help Please.