I was just reading up on the VSC. I had forgotten that it doesn't even do 240p, it's stuck at 480i. You'd need an Extron RGB interface in the chain to get it from 480i finally to 240p. Without that, you'll not only be locked to 60Hz, you'll have interlace flicker, no scanlines, etc. Will it look awful? Well it won't be unplayable, but you won't be getting anywhere to close to potential of your TV.
What is your TV by the way?
Anyhow, I don't see why you're stuck with it. Something like that keeps its value. It could be resold on eBay.