I had a quick look at monoprice and do not see a HDMI-component cable available, so you will be best off to go with a DVD player that has component output if you upgrade( the Oppo 981 does not)
Here is a list of what video cable gives the best quality image: What type of video cable is better?
From lowest to highest picture quality: composite (RCA or F-pin), S-video, component, and finally RGB.