The receiver will not allow you to change the time nor the date. Those were originally only updated via satellite when Rainbow-1 was in operation by Voom.
Component output should continue to work just fine...mine does on my older component only Mits. Make sure the output on the VOOM receiver matches what your HD set can accept. For example, my Mits accepts 1080i and if the VOOM receiver is set to 720p (or native passthrough and the channels is broadcasting at 720p) then it won't work.
I have a 35-inch Sanyo in my bedroom that takes only 480 interlaced, so I have to force it to that mode to watch anything. As for my HD screen, I have a Mitsubishi that doesn't take 720P so I have to force it to 1080i.