Yeah, good luck pulling off a successful and useful modern day video mod with one of these things. Doing the PAC side is trivial, but the LD side is, unless someone has come a long way since I last looked into it, about as difficult as making an emulator and for pretty much the same reasons. I'm sure it can and will be done eventually, but I'm not sure if I know of anyone in the world who can.
16 bit game machines are RGB native
LDs are composite native
All the analog video muxing is (badly) done in the realm of Y/C
The machine only outputs composite
Soooo...let us know how it goes.
Like I said, you could do *just* the PAC side, but you'd get no better results than you would with a $20 Genesis so it seems beyond pointless to me.