I know this has been discussed before but i'm still trying to wrap my arms around it. I have a finished product in the form of a dvd. Is it possible to import the video ts files into vegas and edit them? If not, can I at lease pull them into DVDA to create a menu?

There's a couple ways to do it.

1. Go to File - Import - DVD Camcorder Disc and select the DVD. It will them import the entire DVD so you can edit it.

2. Copy the DVD files to the hard drive - the entire Video_TS folder. Then in Vegas go to File - Open and then pick the IFO file.

Ed will either of these methods cause me to take a big hit in quailty once I re-export to dvd?

How big is a "big hit?" How high is up?

You should try it and see if the quality is OK with you.

Certainly, this is not an ideal workflow. What's on the DVD is highly compressed. Further compression can be perceivable; you should try it.

Fwiw
I've done this a few times now when I had to edit things for people and their DVD was all they had and got pretty decent results like this,
Import to a square pixel version of your DVD size, for me, being Pal its 1024x 576,
Apply NeatVideo Filter and Sharpen to your taste, ( if you don't have Neat Video, maybe a bit Sharpen Fx)
Export to Lagarith at project settings
Edit
Export to your DVD template.

This is about as lossless as you can get (IMO )
Every time I have done this the client commented that it looked better than the original.

I tried both of the ways that Ed suggested and both yielded great results. After applying some color correction, there is no perceivable difference with the new export. From a technical perspective, will working with the ifo files yieled a better image than simply importing the dvd. As mentioned, I cant tell the difference both came out well.

The advantage of opening the IFO file is that you won't get the small gaps between chapter markers. Basically opening the IFO file is a workaround for that issue. Otherwise, the quality should be exactly the same.