Possible 1080p HD PVR for recording xbox 360 gameplays

[Fawcet]

Hey, i've been going around trying to figure out a proper solution to what I am trying to accomplish.

I have decided upon the Hauppage HD PVR. As with many others, my problem is I need to play in HDMI or VGA. I have researched this a little bit, and I have come here looking for an answer for my possible set up. It's obvious that the Hauppauge does not support 1080p, and thus the next best option for the resolution on my monitor would be 720p. But i'm trying to continue playing in 1080p.

I was wondering, if it would be possible to use the HDMI / VGA termination from my xbox, from there split the cord. After the split, one end would go directly to my monitor, allowing me to continue playing in 1080p. The other end I would plug into a HDMI(or VGA) to Component converter (R/G/B), and have the R/G/B component cables run into the input of the Hauppauge HD PVR. I use the Toslink for my audio, so I can run the R/W Component cables terminating from the xbox directly into the Hauppauge. Obviously I would leave the output on the Hauppauge empty, as I already have a display.

Thinking about this I have tried to come up with all the possible problems I can predict.

1) Would the HDMI / VGA splitter cause any loss(for either the display or Hauppauge) or input lag(for my monitor)?

2) Are VGA / HDMI to Component converters available? I have read a few things saying something about they are not possible, or not available?

3) If such a converter DOES exist, are they too expensive to deem this set up useable?

4) If such a converter DOES exist, would there be any quality loss from the converter to the Hauppauge?

I apologize for the long post and plethora of questions, but it seems as though this place knows what they are talking about with this stuff, so why not bombard you with all possible questions I can think of now, rather than over a series of posts. Thanks in advance for the response.