Wait what? You didn't tell me that in the beginning. Are you certain the game isn't just crashing then? Cables, TV, disk, or otherwise, won't matter if there isn't any video to display.
I
thought I did, but maybe I didn't, and if I didn't, I apologize

It shows the memory card loading screen just fine, but when it shows the Capcom logo, there's audio but no video. It doesn't crash but it certainly ain't playable. See this whole thing doesn't make sense.
?
Physical disc with component cables (Gamecube mode)? Runs perfectly fine.
Backed up ISO image from SD using component cables? Audio but not video
Forced Video Modes - Default, NTSC 480p/PAL 480p, PAL60
I should note that 480p NTSC was the only one with results, but what showed up was a double image in monochrome, which took up half the screen. Maybe it just doesn't like my LCD TV.
If the Wii's gamecube mode can run 240p games on component without adverse affects, then DML 1.x can sure as he** run the same game using the same freakin' cables.