I've not used those 50-100$ 'vga boxes' I have however 2 scalers similar in function but much pricier:
startech VGA2TV2WAY
and
gefen home theater scaler
both allow me to take a tv box component signal and output vga on the VGA2TV2WAY and hdmi on the scaler.
Now they do work,
worth the price? not really.
And they do have severe limit like not being able to specify a custom resolution which works as long as the one you want is on the list.
Those cheap vga boxes should be cut down versions which should work as long as you don't ask too much of em, they likely have poor black/white color range too.
Should be fine for gaming but not much else, but then that's what they were designed for.
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