This truly would be a COOL feature.
I phoned Panny and they sent me a fax of the jack pack at the back; NO, unfortunately, 480p component outs apply ONLY to the DVD output!
Bummer!
As far as I know, NO progressive DVD player has an input that allows an external source to utilize the de-interlacing chip.
This is most unfortunate.
If anyone knows of one, please let us in on it!