Based on the description, that cable will not work. Is it a low-priced cable? If so, that would tell me that it does not have a DAC which is required for HDMI-to-Component Video conversion. Even if by some slim chance it does, it will most likely not be HDCP-compliant. Monoprice used to sell a DAC (Monoprice 108125) that was HDCP-compliant, but it has since been discontinued. I had heard that it didn't produce the best picture in the world (picture shifted to the left.) The HDFury2 is HDCP-compliant and is said to produce a crisp picture. It only supports 2.0CH PCM through its analog/TOSLINK outputs and they are unamplified so they're no good without an amp unless you hook them directly to the TV. The other option is to use an HDMI splitter to feed your preamp or use the TOSLINK directly from the Joey. If you need more than 2.0CH PCM from the DAC then you will need the HDFury3. Both devices are costly.