He's just asking if he can connect the component out of a device to the component in on his receiver using inexpensive video dubbing cables (i.e. red-white-yellow) instead of buying expensive component cables (i.e. red-green-blue), not whether he should use the composite output.
If it works, fine. There might be problems with long runs & thin wire or lack of shielding, but since you say it looks great, don't worry about it.