Normally I'd say no, as I've tried it myself, but I only tried it with an RCA (composite) cable on a 32" Phillips. The Wega combined with the S-video cable would probably produce far better results than I got.
I say go for it. Then you'll also be able to watch videos from your Mac on your TV. And if the text is too small you can always turn on the zoom function, I tried that when I had connected my eMac to the TV and it works pretty good.