If you don't have any sources that have digital video (and based on your sig, you don't have any), you are probably best off staying with component. The only reason you might want to mess with the component-to-VGA-to-DVI would be if you only had (or wanted to only have) a DVI-I cable running to your projector. Since you clearly already have component cable run, it would just be an exercise in adapter chaining.