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Though individual equipment may not accept it, component does support 1080p.1080p is only passed through HDMI, Have you tried changing the order you turn on your equipment The projector should be first and then the receiver and lastly the BluRay player.
The problem that does is exaist is that you cannot convert from an HDMI signal to component because of licensing issues imposed by intel at the behest of the MPAA to prevent HD copying.