HDMI on an Old SDTV?

I've got a bit of a device mismatch here that I could use some help with.

Short version: I have a device that outputs HDMI at 480p that I would like to hook up to a SD CRT. The CRT has composite, s-video, component inputs. Is there any decent way of converting the HDMI signal in a way that won't look terrible on the CRT?

Long version: I picked up the recently released Neo Geo X game system, and it can output in composite or HDMI, but the composite output is beyond horrible. Composite is terrible anyway, but this is really, really bad, it's too dark, everything is too red, rainbow banding everywhere, etc. On a HDTV from what I've seen in youtube videos (I have no HDTV) the HDMI output is a bit blurry due to scaling issues with the device, but it looks 1000x better than composite. Is there anything I can do? It's never going to look as good as my original Neo Geo system hooked up through component, but there has to be a way to make it look better. The best I can find on my own are HDMI to S-video converters like this one, but I don't know how well they work. I can't seem to find anything that would hook it up through component that also outputs 480i instead of 480p.

Any help would be most appreciated!

Thanks, I'll check it out.

I'm aware that the HDMI isn't all that great, but it's a whole lot better than this composite mess. If I need picture perfect clarity, I can hook up one of the real Neo Geo systems. The NGX is more of a convenience thing of not having to lug out the huge cartridges, and it has a few titles that I do not own in any other format.