No, AceTKK, I haven't actually tried yet. I will try this weekend. But, I am pretty confident given Wienerdog's instructions that I will be able to get color.
Wienerdog, I don't doubt you one bit that the component is better. When I compared the two on a projector, it was pretty substantial. Of course, that was on a $3k projector, and I should be able to see the difference. I even noticed a difference in the black and white on the TV. But, what on earth are you doing to compensate for the overscan problem? Are you just dealing with it, or are you configuring a different resolution via command-line in MAME? For me, the overscan was so annoying, even in black and white, I did not even want to think about how I was going to handle it for all the different games I was wanting to play. Just wondering.
BTW, those screen shots look pretty good .... make me jealous (except for the overscan part).