well no you don't HAVE to have a moome card. A BD player will output an HD signal through component video. You'll need a component video cable ( 3 wires) that has RCA jacks on one end and BNC on the other,. I bought a nice one from Blue jeans cable for like $50.
Or some cheapo RCA to BNC adapters from rat shack, but I try and avoid this.
Set the BD player for 1080i output on the component video output (it's separate from the HDMI output resolution,so choose the right menu).
Only problem is if you put in a normal DVD it will not
scale up 480P to 1080i through component video, it will remain 480P so you will need a separate recall memory / channel set up on the PJ as the 2 resolutions will have slightly different convergence, size, geometry,etc.
If you really want to run HDMI to an external converter, a Moome external box is over $300. for the older ones ( HDMI 1.3) if he still has any. Over the 400 for the newer 1.4 version AFAIK