First of all, I know about OSSC and Framemeister. I don't have the money to pay for those. All I'm looking for is a converter that converts component from my wii to hdmi to feed into my capture card. I've been using a sketchy solution but I'd like to know the proper way to do things.

NOTES: I am not able to use a wii u, because of personal reasons and that I use my wii to capture gamecube games, also, with my setup it needs to either be external (takes component input instead of directly from wii, so I can split the component output into my CRT) or automatically add black bars (my hdtv stretches 4:3 signals). I'd prefer the latter as it would allow me to use progressive scan.

A RetroTink 2-x will take a 240p or 480i analog input and convert to digital HDMI at 480p60fps. It’ll run you about $100 but it’s your best solution that’s not an OSSC.

If that’s still too expensive then in all honesty, I wouldn’t even try to capture it via component. I would go back to composite and buy a gv-usb2 capture card ($40) and capture it in SD, especially if you’re splitting the signal to a CRT to play off of. Any solution for component to HDMI that’s not one of those aforementioned three pieces of hardware will create lag, delay and probably reduce your quality. Those solutions would just be any cable or converter box you can find on Amazon, but again, it’s probably going to knock your quality and I wouldn’t recommend it.