The film never sat perfectly in the projector gate, so the whole picture jitters a few pixels every frame, plus handheld shake on top.
Stabilization runs in two passes. Pass 1
(vidstabdetect) watches the whole shot and records how the
image moves frame to frame. Nothing is changed yet; it is pure analysis.
Pass 2 (vidstabtransform) reads that motion track,
smooths it, and shifts each frame to cancel the jitter.
The key parameter is the smoothing window. Keep it small and it follows the camera's real pan while cancelling only the fast wobble riding on top. Make it large and it tries to lock the scene rigidly, fighting the intended motion and swinging black edges into view (which then need a corrective zoom).
smoothing: 5 (±5 frames,
local stabilization that follows real pans), optzoom: 0 (no corrective
zoom, so the original framing is preserved exactly).