I purchased Ultimarc video converter for PSX and hooked it up to my Betson 27" multisynch monitor.  I changed the PS2 settings to RGB and the color looks good.  However, the image is very jittery which makes text impossible to read and the overall image not very good.  
I sent an email to Andy and I checked on the Ultimarc forum but haven't seen anyone else trying this setup.
Anyone have any suggestions?  Thanks.