I have a newer LED TV, it only has one input for composite/component, however the video cable input (yellow wire) is busted, the video and sound will appear however it will be black and white and a bit skewed.
I was looking for other (cheaper) options for hooking up my older systems (i.e. NES, N64 etc), I looked into an RCA to HDMI convereter but the reviews seem to be inconsistent and it seems like a crap shoot
I was looking at either a RCA to USB (i.e. http/tinyurl.com/k4bh6ke)
An RCA to VGA cable (i.e. http/tinyurl.com/krbqvzn)
Would either achieve my goal since my TV also has these inputs? please let my know my best option(s)
Those are just breakout cables and will not convert analog video to HDMI digital video or USB.
Since your TV has a shared composite/component video input you will have to select composite in a menu to get it to work properly.