Not sure if thats what he means, some people refer to a VGA cable as a vga component cable for some reason. Either way though he would still need what you sugest because there isn't a VGA cable for the PS3 as you probably know. He would need the PS3 component cable and a component to VGA lead (as you suggested) with a coupler to link the 2 cables together.
To be honest i'm not even 100% sure that going from component to VGA is as simple as using a cable with different connections either end so we would need someone to clear that up first. If it is possible the kit below would do the job
Hey guys yep I have a VGA to Component RCA Cable which I use to connect my LCD Projector to my Amp. I was wondering if it was possible to use my Projector with the PS3, but wasn't sure as the Component ends usually go into my Amp and not into the actual projector making the PS3 cable a bit of a no go until I realised linking it to a VGA switch or something similar could work which as described could do the trick but I wonder what that will be like quality wise? I guess I'll have to try it out.