Yes, you could simply use the DVI -> VGA adapter and not even bother with the 2nd low-profile bracket :-)
I was focused on answering your question and didn't even notice that an adapter was included !!
Yes, component video is the set of 3 RGB cables.
No need for another question r.e. adding a USB TV Tuner => that won't have any bearing on this discussion. That's a completely independent addition to the system.