Hey Shane, there are very few Upconverting DVD players out there that will achieve this via Component. I think Momitsu still makes one in a single player unit, and there might be a few others. I know there have been a few threads on this forum about this topic, you might try searching for "upconverting". Since this model Toshiba is 16:9, and I assume will accept a 720p or 1080i signal, depending on the player, you will see an improvement over 480i or 480p. I had a Panasonic S97S for about a year with my Sanyo Z2 Projector, and the picture was much better than 480p, no question. I have since built a HTPC which blows away any upconverting DVD player I've ever used to this point.
Good Luck
