Need more info. Can you get any audio (PCM) or no audio? Also, do you have to have DTS-MA and Dolby True HD?
The normal way to do this would be source to AVR and then the AVR to the TV. Is there a reason you don't have room 2 wired this way?
Also, you realize that HDMI to component officially does not exist (but may be able to be purchased from certain suppliers)? HDMI agreements strictly prohibit the conversion of HDMI to component video.