They exist since about early 2012 they are pretty cool and very usefull to play homebrew games btw here is the DC sd reader http://dc-sd.com/
You have a SD adapter which plugs into the modem bay? I have one which plugs into the serial port... I wonder if there's a speed difference?Put off the old unused Modems in your DC, put in the DC SD Adapter,load the delivered GDRom and play from your SD.
Without native component out you'll have to do some DIY like suggested here but I'm guessing it'll still not look like ye olde CRT quality, you need a proper scaler to get a good progressive signal - some early line doublers (used to be popular when high end home cinema setups used CRT projectors) can sometimes be found for a good price. Although they will tend to work off composite or S-Video only, the quality of image delivered will look many times better than directly connected RGB relying on the modern TVs own scaler. One for the lottery win eBay frenzy.The only reason I think this may be too late is that I don't think the PS1 would look any good on an LCD screen.
If someone has used a PS1 on a HDTV with a component lead please let me know how titles look.