no it won't. it just plain won't. believe what you will, but the vii version of VT WILL look different than the PS/360. are you also sure that you were looking @ wii screens and not ps/360 screens?
even if HDfury makes an HDMI-wii cable, it will not automatically transform the image into 1080p, even if it is an HDMI cable. it just won't.
it will also not be under $50. their hdmi-vga cable is over 100£
btw, how old are you?