Apparently the Ultimarc adapter doesn't play nice with the PS2, but works fine with the PS1 (It's original intended use) from what I've been able to find.
Bypass the adapter for RGB, but use it for sync. Put some 220uF (Or the closest you have) 5v-10v capacitors on the RGB lines.
If your black level appears washy, throw some 50-75ohm resistors in before the caps.