
Hey BOC,
It's possible. Since you've already been down this path, I am assuming that you have already maxed out your Hardware Acceleration.
You aren't by any chance connected through an SCART are you? I found another reference to a black and white result with SVIDEO and SCART connection.
Have you tried a different telly? Just to test, it would at least let you know if you should continue troubleshooting, or go back to your composite connector.
Looking forward to your reply,
TTFN
LGW