VGA to Component. Image quality on TV?

Unless your TV is old, and doesn't accept high resolutions through it's VGA port then no. VGA is capable of more clarity, and better resolutions than component. You'd have to check your TV and Laptop's manuals to see what each is capable of. Unless your laptop's video card is able to output a component signal (not many can) a VGA to component cable will not work anyway. You'll likely need an expensive transcoder/scaler box in between your laptop and the TV. The only up-side to using component is that most TVs allow more control over the brightness, contrast, saturation and sharpness of component signals than they do for VGA.

No it will not. With VGA, your laptop is already putting out an analog composite signal output. This analog output was actually generated within your laptop as a digital component output and then combined to make it a analog, composite. It makes no sense to convert it back to component as the quality has already been lost when it was converted to VGA. If your laptop has a DVI-D or HDMI port, those are digital signals directly and will give you much better quality.

VGA is as good or better than component. Converting RGB to YPrPb will slightly degrade color accuracy, and maybe introduce a littel noise or sharpness loss.