I've just tried this - My 29" Samsung CRT TV displayed an almost monochrome picture until I added 75 ohm resistors to each of the lines, now it works perfectly aside from a bit of interference noticeable on black backgrounds, but that might be caused by something else. Checked the datasheet and it tells you to add a 1k pull-down resistor on B-Y & R-Y, that fixes the colors and noise for good.
I've got a loose S-ENC chip pulled out from a non-working SNES, would it be feasible to get it running on its own as a standalone RGB to YPbPr/S-Video/Composite video transcoder by adding power, 3.58MHz crystal and a RGBs signal?