No. The video signal is handled strictly inside the Genesis/MegaDrive. The converter just changes the cartridge slot (and tells the system to boot in SMS mode).
The only other one I really know of is the one by Datel. Datel sold a Master System converter in the UK back in the early 90s. They're kind of rare now, and I've heard that they're not very reliable, so I wouldn't recommend one.Also, besides Tototek, there are other third-party cartridge-sized converters out there, but Tototek's is probably best because it does Mark III also.
I'm told that Lik-Sang once sold one that was made in Hong Kong, but I don't know anything about it.