DVI to HDMI to Component scenario...is it possible?

Just a scenario I'm trying to work out before I go buying equipment for the "future".

I currently have a HTPC with DVI output (& component via Nvidia dongle).

I'm wanting to buy a new receiver with HDMI capability even though my display will only support component. I just want to make sure it will serve a new TV in the future.

So, if I fed the receiver video from the HTPC via a DVI-HDMI cable, could I then output the video from the receiver to the TV via component? Are there receivers out there that do this conversion?

OR, should I stick with component from the HTPC? Bad thing about that is the receivers I've looked at have only one component input and I already have a DVD player that will want that. Which leaves only composite, s-video and HDMI as options.

Suggestions?

Thanks!
Matt

So, if my card is HDCP ready but doesn't have an HDMI out...then how do I get HDCP content to a display with HDMI/HDCP? Can I use the DVI port and send the sound separately and still pass the HDCP test?

For the scenario, what would be my best bet with the components mentioned:
HTPC: DVI and component outputs
Receiver: (1) component input and (3) HDMI inputs
TV: (2) component inputs
DVD: component output

I'd like to avoid having to switch inputs on my TV, if possible. I'd rather the receiver handle all source changes.
Otherwise I could easily bypass the receiver with the video portion of either the HTPC or DVD player and just use the receiver for sound. Which is what I do now with my current receiver. (Actually, my current receiver is for sound ONLY since I switched from s-vid to component. Ancient thing has no component inputs at all!)

Thanks!

Ah, now THAT would be nice! I found the Harmony 880 for $139. Kinda scared me when I saw the first price of $250! :-D
That's a very good idea. Thanks!