Yes, it does VGA. As for converting -- are you running audio through the TV as well ? I know there are converters that will take VGA+Audio and convert to HDMI, but have never used one, so can't speak to quality.
I dunno the answer to your interface question as I run mine into JAMMA.
It takes me about 5 minutes to swap a GD-ROM game and most of that is spent wriggling in behind the cabinet and clipping on a light so I can see. The actual swap takes less time than it takes the system to boot.