For starters, the Component to VGA boxes that I see on the internet don't really support interlaced mode. Plus these boxes do something to the signals that some monitors do not like.
The design involves two triple op-amps for the actual conversion. The sync separation and removal will have the EL1883 at it's core. The EL1883 will be using an auto regulate circuit (created by Intersil - replaces the standard 681K ohm resistor) so it can go between interlaced and progressive signals on the fly.
Since I have a NEC MultiSync 3D dual sync (15Khz and 31Khz) monitor, I can have the best of both worlds when using the Xbox. I can then go from a clean 15Khz signal (at the dashboard) to a nice game of "Halo" (in 31Khz - 480p) automatically.
For the PS2, I can then watch movies in RGB without using a GameShark or DVD Region X to disable the Component Video switchback. Plus I don't have to worry about compatibility problems between the GameShark and the DVD drivers (like I have with Version 2.14). And with the EL1883 also taking care of MacroVision, I have that base covered as well.
However, getting -5VDC is but one option I'm considering. I am also looking for single supply DC restore amplifiers (used for sync removal) and multiplexers (also for sync removal). I already have some EL5444's (single supply op-amps).
Besides, I enjoy hacking and building things. Especially if it works better than everything else out there.....