Well maybe I can answer my own question. Blue Jeans cable offers unbundled component video cables in a 60 foot length for about $130. That would send an HD signal and cost about the same as the RF modulator and de-modulator, which would also have poor picture quality. Unless you guys think there would be a problem running the component video cable in a length of 60 feet, then I think its a no brainer to go that route.
Please let me know if you see any problems with a component cable run of that length. Thanks