Wii on LCD Monitor, some solutions/opinions required

I would like to run my Wii on a wide screen
LCD computer monitor.

I have yet to purchase an LCD so my options are free.

The Wii has component(RGB) and standard RCA cables(RYW).
It does not have a VGA output. It outputs at 480P on the
component and 480i on RCA.

I am seriously considering the Samsung 215TW due to
component inputs and great reviews across the board.

Some issues do crop up however.

1) I realize that this monitor will scale to its native resolution
if you feed it the component outputs of the Wii and set the
Wii to wide screen mode, which of course stretches the image.
I am wondering if this monitor can do a decent job of
upscaling at 480P via component cables.
I am not talking perfect quality, I want something noticeably better
than 480i via standard RCA on an older 27 inch tube TV (what I'm currently using).

2) Are there better solutions that plugging the Wii directly
in to the monitor via component. Options such as a TV card
for my PC or some kind of box that will convert/upscale the
image and feed it to a standard VGA input on the monitor.

3) With point (2) in mind, assuming it is a much better
option than (1), are there similar monitors (price wise)
to the Samsung that could be better alternatives. I would like
an 8 bit panel with 8ms GTG as a minimum, I'm considering
PVA or IPS panels for photo editing as well as gaming
(a bit of ghosting really doesn't hurt anyone right?).

If anyone could be of help it would be appreciated,
I am looking for concrete and provable details, or screen shots.
I am on a budget and can't afford a decent TV and monitor
so would like a good solution to some of the pitfalls of an
LCD computer monitor. Thank you in advance