the second one would be better for PS2 for the component input, IDK about the video quality though.
If you aren't paranoid about video quality it should be good enough and cheap. Upscalers are better because are specifically designed to improve interlaced video on high resolution displays instead of just convert the signal, but are costly(the famous Framemeister is around $400).
How many inches your CRT monitor have?? I don't think it would be that big of a difference between a converter and an upscaler on a regular size 15'' or 17'' CRT.