Just FYI, I considered the same thing and ended up just going S-Video on everything instead. Unless you're talking about Hi-Def (if so, ignore this), the increase quality from S-Video to component just isn't that great. Any an compenent switcher I found that wasn't absurdly expensive actually made things look worse.
Decent S-Video switchers are half the price. To me it isn't worth it.
Just my $0.02.
-Grover