I'm the guy who wrote this wiki page and created the fix. I pushed the code to the Linux kernel so the device is detected if you are using version 4.13 of the kernel or later. The device was tested with a Play Station 2, DVD player and a Nintendo 64. It worked for all of these devices except the Nintendo 64 (the video frame froze when this device was connected).
I've never tried if it works on the Raspberry Pi, but it works on a regular PC. It may be difficult to record and display the result video at the same time because the Raspberry Pi is very slow, but if you send the output directly to a file it may be fast enough if the USB ports provide enough bandwidth. Something else to check is if the device uses too much power: if you see a little rainbox in your screen, you should connect this device to the Pi through a powered USB hub.
You can run
uname -a to find your kernel version. If it's older than 4.13, you may want to build the latest version of the media drivers for Linux. You'll only need to compile the kernel module, which is faster than building the entire kernel.
See "Basic" Approach under Retrieving the Source Code & Building/Compiling the Modules on this page: https://www.linuxtv.org/wiki/index.php/How_to_Obtain,_Build_and_Install_V4L-DVB_Device_Drivers
Once you run the script that downloads the latest tarball, you should be able to find the fix in em28xx-cards.c, which is the same as displayed under Making it work in the wiki page that you have linked.