Advise me on my setup?

[Smashbro29]

The setup is made in such a way because of the limited inputs on my TV. I use the switches to make it all simpler and because I already own and use them.

I discovered later the Black Magic Intensity pro only accepts 480p through HDMI, so I figure the easiest solution is at that before the component hits the PC I can convert it to HDMI.

I'm just wondering if there's a better way to do this, and if not, what do I buy? Is Monoprice stuff good enough? Because I found what I need to technically make this happen I just need advice before dropping all that cash.

Thanlks!