Hey guys - thanks so much for the helpful responses. Sorry for the delay - life's been pretty crazy.
I tried every last setting possible, and finally GeniusVision tech support just stopped e-mailing me back, insisting it was a problem with the HDD. It's a 2 TB Seagate (specs in the original post), and it's an internal drive I added to this rather barebones PC that work had no use for. Now you're making me think......perhaps it could be a driver issue with the drive???
So I was finally able to format the drive in exFAT (I needed an update to XP) and right now we're at 50 GB used out of 2 TB, which between four 3-MP cams and flies loving the IR means the *oldest* file not yet overwritten was 1 hour and 20 minutes ago. Quite the downer. The amount it will use on the HDD does seem to increase by a tiny bit over time, but in the meantime it just overwrites that first bit as soon as it's full.
I did try to get all the iVMS stuff reinstalled to try it, but quickly remembered one of the biggest reasons I stopped using it; it was hopelessly slow on this PC. Even the stream from one cam wouldn't display in realtime without substantial stuttering. By contrast, GV will run all four cams with minimal, very livable stuttering.
Thanks for all the help, guys - this is for REAL frustrating!! I *hate* to admit that I'm actually considering calling Geek Squad if I can't get this worked out...I do need this to be running! Thanks again, all.