Crescendo RTC2000 YPrPb to VGA Transcoder for the Wii

I don't know anything about that, but I am currently using a Neoya X2vga V2 component to VGA transcoder (http://www.x2vga.com/) to hook my Wii to my LCD projector and it works wonderfully for me. Its a lot less expensive, has two component inputs, VGA pass through, supports 480p (and limited 480i), 720p, and 1080p/i. I have no complaints.

the Wii will output 480p over component cable, once you set the video output in the Wii settings to 480p, regardless of the game.. VC or Wii disc. You won't have to worry about 480i at all.

That is incorrect. Some, possibly most, virtual console games are not 480p. Many GameCube games are not 480p. And all Wii games don't even supprt 480p.

and is there really no added lag with these things? cause the fear of that is what's holding me back from getting one.

It isn't bits, it's analog. And the converter does significantly change the signals. Component encodes color as one black-and-white luma channel with composite sync signals in between frames (all on the green cable), with two extra channels carrying the difference between luma and other colors (red and blue cables). This is the way information is decoded from DVDs; it takes some additional math to convert back into actual color images. VGA is just standard RGB with separate H and V sync (5 pairs of wires total, with extra, often unused, wires in the connector for monitor information, etc). So the signal into the converter and the signal out are totally different. The conversion is nearly instantaneous, though. Lag won't be an issue.