Apple TV 3rd Generation to Component LCD TV?

I've been researching a lot over the past few hours and am getting close to my complete answer, but can't reach that final answer.

I'm looking at getting an Apple TV (3rd Generation) for my birthday coming up, but the problem is, is that it has a HDMI port on the back and the TV I plan on using it with, has component (RGB) ports and NO HDMI. (Sound is not an issue, as there's red and white ports for audio below RGB ports on back of TV).

I understand I need to get a 'HDMI to Component' Converter box to convert the digital to analogue signal so I can play it back on the TV in 1080i as apposed to 1080p with just straight HDMI.

The TV is a Sony Bravia 32inch and we've had it for 5-6 years now. I believe it does not have HDCP support as there's no mention of it in the user manual and I believe HDCP exists only with HDMI straight connections.

My questions are as follows:

1) With a budget of $50 (cables excluded), what is the best converter box for this task?

2) What content on iTunes has HDCP included? Movies? TV Shows? What about Podcasts?

3) If I get an iPhone or iPad for example and mirror it to the Apple TV (wirelessly) and play a HD movie I rented/purchased from iTunes off the iPhone or iPad, will this avoid the HDCP issue? (Providing I use the converter box solution).

4) What is the point of HDMI to component cables (HDMI at one end and component at the other)?

If you can answer any of the questions, it would be greatly appreciated.

4) What is the point of HDMI to component cables (HDMI at one end and component at the other)?

Well, I can answer this. People like you and me need it sometimes!