Main reasons why I'm looking to use a component to VGA adapter are 1) I'm going to have in-wall cabling run and the less I have to run, the better, 2) the projector lacks component plugs but supports Component with an adapter on its VGA port, and 3) there is only one VGA port on the unit, so I have to switch signals anyway.
The adaptors to use for testing purposes aren't terribly expensive anyway, I may just order a few and experiment. I've also been looking into DVI because it can carry an analog signal by design in one form, so I might use DVI for the in-wall run, with adapters to get to that on the ends.