It is a switcher, but it has two concurrent outputs. Not sure if by split you mean to two or to seven, but it'd do it, just a bunch more stuff you don't need for way more than you probably want to pay.

Google shows a bunch of component splitters.

There's this adapter, but it's listed as discontinued. The problem with the converter is that you could have multiple types of signals running over the component cables. Are you guaranteed to be running only one format? If so, especially if that format's 480i, you're going to have better luck. Try this Google search.