Joey, there are absolutely component switchers out there, though they're fairly expensive. I'm actually using a composite switchbox from Radio Shack to switch component video, and I'm running an optical cable from the HD pack directly to my receiver.
This has been discussed a few times: Link Removed Link Removed Link Removed Link Removed Link Removed
Adam, how's the composite been working for you? I only need to run xbox and my hd dst-3000 to the dtv input on the mitsubishi 55809...ps2 is on another 480p component input by itself as well as the dvd player on the other 480p input...
It's worked like a charm, though actually having to get up off my couch is a mild annoyance. I haven't noticed any signal degradation on my admittedly smaller display (using a 36" 480i-only VVega), though the results have been exceedingly positive in the other threads I've read where HTF users with comparable equipment to you have gone down that same route.
I believe this is the model I have: http://www.radioshack.com/product.as...5Fid=15%2D1978
I use a composite switchbox to connect my Xbox, PS2 and Gamecube to the one component input on my 27" Panasonic Tau and it works great. Only cost me $10. It was recommended to me by a tv tech at my old job.