Gif to Vector - Illustrator CS3

I have a large high quality gif which is sharp and good quality.
I need it converted to vector format.
I have Illustrator CS3 (Novice User) and have been trying but can't get a sharp vector with the trace.
the lines aren't sharp.  
I done it with the following options:
File> Place
Live Trace and tried the different preset options but It still doesn't bring it up sharp.  

I have attached the gif and it is good enough quality so I don;t see how it can;t be created to a good vector format.
Am I using the wrong settings in Illustrator?

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The contrasting elements make the Live trace tricky. You also have varying thicknesses on strokes sometimes none at all.

Philip_Spark is correct, redraw  is your best option and it is less daunting then you think. The big shield is a simple draw half and mirror, the join the endpoints, some curved lines and some straight lines make up the rest.

Best is to blow up the gif to the biggest size possible so it still keeps (albeit blurry) definition. Set your guides to the corners of the shield and all relevant joints. Center the ruler on the bottom tip of the shield and start drawing.

Use the transform palette to position the elements and try to find fonts that match closely before you outline and distort them.

The Gaelic version of Wikipedia has a share licensed SVG of the County Antrim coat of arms. This license allows yiou to make derivative work. Although this does not have the exact same lion or hand it may give you a good head-start:

For colorurs you need to pick these from the GIF and the fills are created once you have joined the paths, using the Direct Selection Tool.


Sometimes redrawing is the only way, by the time you try and clean up a live trace, you'd have been quicker redrawing
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