Check the hardware which is compatible with EyeTV 3, you could use even a pc tuner,
EyeTV software
Weird enough it seems there are some issues with certain Elgato hybrid USB tuner and 10.5… I can recall reading about it on their forum, so I bought an Hauppauge WinTV-Nova-T Stick, didn't receive it yet so I can't tell how good (or not) it works.
BTW, which CPU is inside your your 20 inch iMac? if it is an intel then it is OK to use the Miglia option, it was a G5 model it is going to be just slow.