As a video professional who's been finding workable alternatives for years, here's one:

If you're not using the composite video ins and outs for anything else, try running the luminance (Y) portion of your component signal (three signals: Y, U, V or Y, R-Y, B-Y) through the composite ins and outs instead of the first of the three component inputs. The second and third component ins and outs are run normally. If the composite and component ins and outs are switched together, despite your input type selection, the triad signal will get where it belongs - plus, when the OSD signal is inserted into the luminance signal, you'll get a B&W menu on your component display.