First off, you will DEFINITELY have to recalibrate your TV with component. Chances are your setting are askew to compensate for crappy composite, rather than superior component. The AVIA DVD, while a little pricey, is a MUST HAVE for any half-way serious videophile.
Second, you CANNOT use audio interconnects for component (or composite) video connections. Video requires a 75 ohm termination, and audio interconnects do not have this. You can possibly damage your monitor connecting your equipment in this way. Cheers!
Brian