Jeff,
I think you have hit the solution on the head. Since even solutions like eyeTV are not intended to be component video inputs, my best solution might be to keep the Dell monitor on my desk as a second monitor. The only difference is that I might use a mini DVI to VGA adapter going out of the iMac into a VGA switch, rather than just use the Monitor as a dumb monitor. That way I can connect the Dell Monitor VGA to VGA into the VGA switch and use the Dell as a true second monitor, right? Ultimately I want to be able to send the iMac display to my projector so that I can play Poker on the big screen!
What do you think about that solution? Can you recommend any cheap VGA switches?
Thanks in advance for your help.