Honestly, I don't know if there will be a serious advantage to using the MadCatz HDMI converter as opposed to just straight component. One is $90, the other is $20, and they'll probably give you nearly the same quality picture. Also, if you've got a VGA port, I did some more research and it appears that those cables also have optical audio connectors on them. Given the choice between VGA and component at the same price level, I'd pick VGA.

I know it's painful, but pretty much every town has some kind of videogame store in it. Hack, even in Port Charlotte we've got one. Point is that while the folks in these places are weenies, they do know a thing or two about interconnectivity and unusual applications of game consoles. They also have all the cables and so forth on the shelf.