It sounds like this setup (connection configuration) would work with the SOLO as well. The red and white audio cables, in or out, on the SOLO do function with either the component or S-Video ins/outs. Here is a link from our support page, Getting Started with Slingbox SOLO is Simple, which explains the connections on the Slingbox SOLO.
Hope this answers your question(s)!
The Sling Media Moderation Team
If I am shelling out for a Solo I need a bit more than a "Might work". I'd like to know if it will definitely work before I buy one.
The Solo is sold as a one connected source device and Slingmedia would inevitably point me to the Slingbox Pro device to do what I have done even though it works beautifully with the Classic Slingbox.
Thanks for your answer though.