I tried it and it actually works! I ran the 480p component out into a Sony 40" XBR LCD, a VCR to line 1 in and an off air antenna to the VHF/UHF antenna input. I cannot comment on the picture quality as antenna signal is poor. It also passed the audio through on the coax digital connection.

May solve some problems for you if you need to see legacy modulation or other low res source.