Yes, your plan would work if it was legal. It is true that Fury had an HDCP license, however the rules have changed.
It is now illegal to convert HDMI to HD analog out. Blue Ray players are no longer allowed to have component out connections.
The HDCP police have filed suit against retailers selling HD Fury 3 in the US and Europe.
eBay were the last to cave in. If you can find the device go ahead, but I think you will have a difficult time.
There is now an absolute forcing of HDMI if you want to enjoy HD AV.
Unfortunately for you that means a new pre/pro and projector. If that is what you want to enjoy, you need to save and change those components.