There aren't any adapters that could take an hdmi signal, convert it to something composite rca would understand and retain the quality. RCA composite simply couldn't handle it.
I don't think he's suggesting that the HDMI be converted to composite. He's saying convert it to component. Still, even if he were able to do that (which isn't too hard), the ICT flag is likely enabled, meaning you won't be able to get a true HD signal out of it (it will max out at 480p/540p). Even if the flag isn't enabled, the best you can do on component is 720p or 1080i.
Does your Mits have a DVI port, or just firewire? If it's DVI, you may be OK with a cheap converter (and audio routed separately). There are HDMI-to-Firewire converters, also, but I've never tried them. In either case, the set needs to support HDCP to get an HD signal from the Blu Ray player.