An update for you guys, I *may* have found a way to do this easily. But then again I may just be completely wrong.
I was thinking more about a transcoder and a switch box so I could run the Wii component cables and a HDTV cable box component cables to the transcoder and then on to the computer monitor. I noticed that the box I'm looking at getting (Motorola DCT6208) has a DVI-D out port in the back of it for HDMI tv sets. Also apparently it has a menu option to force it to use this DVI port and convert all standard def tv channels to 480p/720p/1080i.
.... My monitor supports HDMI (didn't care when I bought it but happy now!)
So I'm thinking about heading down to Time Warner tommorow and asking them for a DCT6200 that has the DVI port on the rear. Can't hurt to try. Worst case I end up with a nice hdtv tuner and still go the transcoder route.
Best case... I just run the Wii to the cable box which then upscans to 720p and on through the dvi cable to my monitor.