Running the game in 60Hz is going to increase the framerate from 25 to 30 FPS (in other cases from 50 to 60 FPS) if I remember correctly.
Using a component cable shouldn't improve the performance, though. It just increases the overall look not the framerate.
Edit: I've played Starfox 64, Mario Kart 64 and Paper Mario on my Wii so far and I've never noticed any drops in performance. I'm quite sure Majora's Mask ran at a higher framerate than its prequel, though.