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es it would. there are 2 types of component - ED component 480p(Y/Cb/Cr) and Hi def component 720p/1080i (Y/Pb/Pr). The pack supports 480p as does your tv, which is much better pq than composite, since composite and s-video are interlaced.
My TV doesn't support 480p

But I think I'll get the component cable anyways, it'll definately look better than regular composite.
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VGA Bios, since they dont make a component to vga cable. Or, however they do make component to vga trancoders, which convert the component signal to VGA for pc hookup.
I've seen component to VGA cables on ebay, but they just transfer the signal, they don't actually convert it... well, I have Yohihiro's M8+ VGA bios, but it's not BFM and I'm softmodded so I can't use it (I can't get evtool to convert it either.)