Okay, it appears that I was almost on the right track but there isn't an Audio/Video to Component cable that I have found. Therefore, I will try as you suggested and use the Roxio VHS to DVD device. It appears that I can connect to S-Video for video and use an Audio/Video cable to capture sound. On the plus side, if this works properly it is about $60 cheaper than the HD Pro.
I can try the pass through method straight away since I have a few old DVD players sitting around. I am not a expert on audio/video connections but I would presume that there would be some level of video degradation using this method.
Thank you for the quick reply and I should be off an running with either method.