From my understanding, component is just compressed RGB. So if it outputs RGB, component should always be possible with a good mod job. But since you're using RGB scart anyways, don't bother with component.
I don't think the price is too bad to be honest. They should produce a far better picture than the cheapo scalers built in to most LCD TVs these days.
However I want to connect to a monitor rather than a TV, which has no internal scaler (well, at least not for lowly TV formats like PAL and NTSC). Now, I also have a surround sound amp in this setup and it does do a bit of upscaling. Unfortunately though, this only seems to work with games that us the Saturn's hi res mode, like Virtua Fighter 2.