I just purchased this one:
http://www.microcenter.com/product/444596/Hdmi_To_Component_Audio_Converter at Microcenter. I plugged the HDMI out from the X1 to the HDMI input (of this "Kanex Pro HDMI to Compnent with Audio Converter") then output the component into Component in of the Slingbox 500 and then connected the Component Out from the Slingbox 500 to the TV. So at least you have HD HDCP compliant TV on all channels just no HDMI. The only problem I encountered was the audio didn't go through (might be defect). That was no problem since I just connected the composite audio directly from the X1 to the red white audio inputs of the slingbox and outputted composite from Slingbox 500 to the TV. I was told that the fact that this device is powered by adaptor makes it work better than mere cables.