You headphones with mic were not compatible with the "V".
I use a single earpiece and mic by PointMobol that records audio notes for my Note Everything app.
Sound quality is pretty darn good.
I found it at Radio Shack.

 

Something like this?

 

I've been looking at this videocam audio issue too. I find the recorded volume to be too low, and there does not seem to be any means to increase/amplify the built-in microphone's volume. I would be curious to learn what solution(s) or workaround(s) you might find. Thanks.

I thought that the videocam audio recording was fixed in a previous BACKside build? However, I find that there's no recorded audio when the shutter sound is enabled. Am I mistaken, or missed a setting?

 

I recorded my daughter's Christmas Pageant with mine, it has sound. I'm lucky, though, because my shutter sound is on, and I managed to get the audio of her singing.

 

I rebooted the OV, cleared the Camera app's data, and the videocam audio is now working again--without having to disable the shutter sound. However, the recorded volume is still too low so I'm still interested in what the OP finds. Thanks.

 

Odd indeed, I recorded some test videos of the TV in a silent room. I tried turning up the TV's volume but I think you're right about the limiter being flakey because it made no difference in the recorded audio level.

 

I recorded the concert with just the built in mic. It didn't sound great, and the audio level dropped quite a bit about two thirds of the way through. I'm just pointing out that even with the shutter sound enabled, my phone still captured the audio.

There is DSP manager, which is pretty much what you're requesting, but it won't help you. It's for 2.3 and up. As for one that works with your phone right now, I don't think you're going to find one. It isn't a matter of it being stock, it's because of froyo. One of the big differences from froyo to gingerbread was the audio api's. Android was severely limited in it's audio processing capabilities prior to GB. That's a huge part of why I decided to root, so I could get gingerbread. Trust me on this one, I'm a musician and I've been hunting for good audio apps on this since I got it last February. It is getting better, but it's still not quite there.

 

Whoops! Misread you there! Not that I know of, I've never seen anything to give us that kind of flexibility with inputs like that. Man, I wish though! For your specific needs, a bluetooth mic is about the only solution I can think of, short of just using an actual video camera. The mic is much cheaper.
The risks really aren't that bad, the V is quite difficult to truly brick. Just follow the guides carefully. Even if you did nerf the process, there's lots of help and good advice to be found. Not that I'm trying to talk you into it, just don't feel intimidated by it.