artisticcheese you have posted in the wrong forum. (This forum is for the Old Wdtv Live / Live Plus)
You have a “WDTV Live Streaming” (Note the Pictures at the top of the page)
http://community.wd.com/t5/WD-TV-Live-Streaming/bd-p/streaming_discussions
And No, the WDTV Live Streaming does not Support “Component” Video … only “Composite” (480i,576i) or HDMI (up to 1080p)
See Tony’s answer here:
http://community.wd.com/t5/WD-TV-Live-Streaming/New-WD-TV-Live-output-to-Composite/td-p/630721