Less than $200 buys a 1920x1080 LCD monitor with HDMI input these days, but if you don't have the money, make do with low image quality.
A multi out (PS AV plug) component cable is pretty much a component cable. The difference in quality won't make that much of a difference in image quality unless the cable is damaged.
The best you can do with an old 480i CRT is set the PS3 to 480p output (default) and adjust your TV as best as possible.







