That very well might work for the splitting aspect (not sure how lossy that is). I'm also looking at:

http://hallresearch.com/Merchant2/merchant.mvc?Screen=PROD&Store_Code=HOS&Product_Code=CSV-3&Category_Code=FEATURED

and

http://www.pacificcable.com/Picture_Page.asp?DataName=9A62

but I still can't figure out how to downconvert it ... Actually, I really just need the signal to get into the computer without spending tons of $, but I don't think there are any "affordable" capture cards with component inputs, so I figured the svideo route would be better. I can't believe how hard it has been to find a downconversion from component to svideo though ...