I'm not saying this to be argumentative, but at this moment, I work in television and want to clarify in case it helps anyone pick the right setting to get the image quality they want.
HD or SD refers to the amount of horizontal lines of resolution. Standard Def is 480. HD can be 720 or 1080.
Frame rate can be 23.98, 24, 29.97(known as 30 frames) 50 (Europe) or 59.98 (known as 60 frames). Yes, there are high speed cameras used in live sports, but those are mega-buck exceptions to the rule. Faster frame rate captures motion better. Movies and high-end commercials use 24p. It has a more cinematic look to it. COPS tried to shoot 24p for one season and it just looked WRONG. Then again, shooting a feature in 59.97 would look bizarre.
"P" refers to progressive scanning and "I" refers to interlaced. Progressive is the best image quality, and is what a blue-ray puts out. Currently, 1080P is the best image quality available for consumer use, however television outlets are only able to output 1080i at this point. So, blue-ray is about the only 1080P you can get. ESPN made the decision a while back to stay 720P for their broadcasts. They feel the quality of 720P is superior to 1080i. This will change as mainstream television makes the jump to 1080P, but probably not before.
I think 3D is going to die a slow and painful death, however, 4K is the hot technology now. Yes, that's 4,000 horizontal lines instead of 1080!
I have not seen it yet, but I hear it is AMAZING. Many of the NFL broadcasts will start shooting with it (from certain camera positions) next season (at least, that's the story I'm hearing). The resolution would allow a really high quality zooming option to crop into an image and show if the ball hit the ground, a foot touched the line, etc, all while keeping the 1080i/720P final broadcast quality.
TL:dR - Play with your cameras and see what works best for you!