Hibernation will also work - but, as with Sleep, it won't work if you don't have 'enable wake timers' set to Yes in your Power Plan.
I'd recommend Sleep, though (never Hibernate), as some hardware combinations have more issues with waking from Hibernation (wake from Sleep is, generally, more reliable for a Media Center.)
Off, though, is, well, off - a PC cannot wake itself from Off.
As Dominic said, though, MC doesn't need to be open (for that matter, you don't even need to have an account logged on) - TV recording is handled by a background system service.
As to tuners being in use: if you're watching TV (or, rather, Live TV is running), you'll be presented with a pop-up message "would you like to change the channel, or cancel the recording?" If nobody's there to hit either button, it'll just change the
channel on its own (assuming that nobody's there), and execute the scheduled recording.
MS-MVP (Media Center) [If this post helps to resolve your issue, please click the "Mark as Answer" or "Helpful" button at the top of this message. By marking a post as Answered, or Helpful you help others find the answer faster.]
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