It's not good I'm afraid. For starters, if this is clear 14 gauge that's being run through the walls, your local building department and or Fire Marshall can advise you if it should've been plenum type material or otherwise. Just give them a simple phone call and they can advise you what is required according to code in your particular area.
But moving along...no it can't be made into component video. For starters, if the insulation on the wires is PVC, then this is poor for video because PVC's dielectric strength is notoriously non-linear with frequency. I've never tried it, but maybe, just maybe, on something like a 1 foot cable this might work, but in your case, as the lengths of the cable become longer, it becomes increasingly more important to use a 75 ohm cable because the length of the cable is approaching 1/4 of the length of the signal length. Also, there's no friggin shielding, such as braid over foil on what they installed. If you want a more technical, with numbers explanation of that, just ask. Further, when running 3 video cables, as in component, matching the lengths is fairly, maybe very, important. What they should've run is one of those nice little Belden 3 wires in 1 flexible cables. Or if your overall length was fairly short, like 12 feet, and you didn't need special plenum rating, you could certainly get away with a 12' GE from Target for $20. Like this:
http://www.target.com/gp/detail.html...sin=B000063SGW
By all means have them replace it. It's their screw-up and they should absorb the cost but if they decide to make good, then likely you'll need to pay the difference in wire costs while they absorb the labor.
Rather than trying to say he's screwing you, let's just call him an a$$hole shall we? I'd prefer that you contact the above mentioned authorities on what's allowed just so you don't get hosed by the guy.