yes, that is the setup. the one issue is the scart > component adapter does not have audio, so i found a switchbox with an additional av port to use for audio. the switch box isnt too expensive, i believe it was around 12 dollars.
http://www.maplin.co.uk/scart-multiw...h-switch-43158
i have the 5-way (one port is an AV in) version with the additional a/v output