i think that your blu ray player may only be outputing 480p through component. You see blu ray players are setup up so that full 1080p can only be reached through hdmi, i think its to prevent coppywrite or something of the sort (dont ask me how). There are vga to hdmi
http://www.brilliantstore.com/hdmi_c..._cpa_1387.html but im not sure if this will allow you to outupt in full hd since both ends are not hdmi. What resolution is your tv, it doesnt sound like it can even output 1080p anyway so this could be your best option, also another thing you need to make sure you do is go into the menu of the blu ray player and make sure it is outputting at the resolution of your tv, out of the box the player will only play 480p. If that is the case you should be able to use component and get the best picture that your tv can produce.