Modern Vintage Gamer just posted a review of the Xbox Open Source Video Project (XOSVP), a device designed to be a high-quality replacement for the official Xbox HD pack. The device outputs component video and seems to even include a low-pass filter, which is something that will improve all analog outputs being plugged into a digital display.
Unfortunately, the device only outputs SPDIF digital audio and not analog audio. Not a big deal for people with lots of inputs on their AVR, or owners of a SPDIF switch, but other people will need a digital-to-analog converter. I prefer the one linked below that has 4 inputs (2 SPDIF & 2 coax), as well as three output options: SPDIF passthrough, RCA L/R and 3.5mm headphone.
Keep in mind that you’ll need good quality component video cables, otherwise all the benefits of the XOSVP will be lost! You can order yours here: https://shop.dtho.mp/