The component board does not work on every HDTV, plasma, LCD, or otherwise. You need to test your TV to make sure it can display 240P via component. As for the power supply issue, if it makes you feel more secure about it, you can get hold of a Sega Genesis 1 power supply that does 1.2A on the output and just swap the cables with the one from the Duo psu. As you add more components into the Duo, the power draw is going to increase slightly.
As for the laser adjustment, make sure you don't hear any whine noise off the laser or get any skipping during playback. Play through a couple of long music cds (original pressings), and find a few games, also originals, not cd-r, to try out that are good for testing to make sure the laser will read the disc across the board. Valis 4 is a good test, because it does a lot of data/audio tracks throughout the disc, instead of just clumping the data near the center like most disc. This way you can make sure your laser is reading the disc correctly at all of the spin rates.
Also, if your laser has to do a lot of sliding back to center when trying to read data, and keeps making that light klonking noise as it hits its dead stop switch, that is one tale tale sign that its not calibrated right.