This is how I use my Wii, PS2 (and PS1) and Xbox 360 on the Philips EDTV.
It’s a shame 480p support on PS2 is so anaemic. But it’s worth seeking out the titles that do support it, and using GSM to persuade a bunch more too.
PS1 240p over component using the PS2 requires a GBS to get a steady picture on my Philips EDTV.
Xbox 360 also to a lesser extent with 640x480 VGA support, as you know.
Wii really shines on this setup as every game supports it. Perfection.