bpape, don't count something like this out. Once nice thing about DVI/HDMI is that you can use it to do a nice long run from your A/V stack to the projector, then attach a DVI->RGB D/A converter followed by very short analog cables. According to William Phelps who did this with his G90 (before he sold it), the improvement in picture quality is noticeable.
Now of course, HDCP copy protection adds a wrinkle to the problem, but a processor like the Halcro does not need to encrypt signals that they digitize from analog sources, so you should be in the clear for all analog and unencrypted digital content. (Don't take my word for that though, this should be verified by someone.)
For encrypted digital content---well, like you said, you're screwed already :) unless you can get a hold of one of the few devices floating around out there that, how shall we say it, "accidentally" decrypts HDCP content.