If anyone had the interest (and skill) in doing it ... perhaps it would be possible to get component video out of the system, but I suspect that it wouldn't end up looking much/any better than the s-video output that's already on the console.
Ah, so only a YPbPr/Component is possible. Very much worth it if you like the system IMO. Might be as easy as tapping and amplifying the output for Red-Y/Blue-Y (UV) sounds like, except for Luma/Y which you can just tap from the S-Video line and is ready-to-go.
When it came to the YPbPr mod for a 1st generation SNES, it made a big difference on my Panasonic 32" CRT which has both S-Video and Component. Better, vibrant colors, less shimmering, etc.
The circuitry can vary on the same TV set and a % will do a better job with a YPbPr signal versus S-Video. The other consideration is S-Video is phased out on new TV sets while a good % of them still support YPbPr. If the resolution is really 480i, then it should work with most sets. Problem is when it's a 240p signal, some sets will only accept that as Composite and reject it when you try to switch to YPbPr/Component mode. It's something you have to test.