If you must watch it in Analog at least do it on Laser Disc, VHS has the resolution of a Crayon drawing.
The Wizard has had a major restoration since the VHS release (using Digital Technology BTW) it's one of the best examples of Three Strip Technicolor in existence (or possibly Robin Hood).
Nothing can match the old Three Strip process for that "You are There" feeling, it almost like you are standing in the studio watching them film.