When you say component, do you mean RGB or YPbPr? The latter is what's typically referred to as component on US video equipment.

I don't know of any converters, any RGB to component converter would probably work, but the thing to watch out for is the voltage difference. Arcade monitors use a higher voltage for their video signal.

What I did on my mame cabinet was to inject the VGA signal into the TV's 'on screen display' chip which normally displays the volume, channel #, etc.. This basically turns the TV into an RGB arcade monitor and lets the games run at their native resolution. I've seen people do the same mod to use TVs in an actual arcade cabinet before and the only difference is dealing with the higher voltage.