Yes, the Lumagen can be challenging in learning how to use it. But after using it a while, perusing the Lumagen support forum (link is on their support section of their site), asking around here, you'll get it. And, when you do you'll wonder why you didn't understand it in the first place.
However, you will have to get one with the BNC outputs if you want component outputs. It costs an additional $100, I think. Then you will either have to use a cable with BNC plugs, or get some BNC to RCA adapters if you are using component cables. I would also recommend buying the new optional remote control that has the dedicated button for 2.35 aspect ratio. If you're using a universal remote, the code is available to assign to a button, so you don't really have to have the new remote. That's what I did.
You could also upgrade to the HDQ which comes with the component outputs standard.
Once you have done the above you're almost there. I will be happy to step you through setting it up, either on the phone or via email; just PM me if you need help.
Once you learn the Lumagen, you'll appreciate that while the menu system is rudimentary, it certainly isn't crippled in any way. Also, there are very simple "shorthand" codes that allow you to bypass the menu system and do what you want very fast.
Hang in there, don't give up.