Does it work with 240p signals? for example a ps1 game running on ps2 thru component

Only depends if your tv can support 240p, otherwise playing ps1 games on your ps3 slim would be the best option.

I want to connect my Chromecast thru this to my older TV w/no HDMI. This works the other way around??

You need The KanexPro HDMI to Component with Audio Converter, Amazon has one for $49.95. The Portta converts component to HDMI and your TV does not have a HDMI connector, if your TV has component connectors then the Kanex pro will work for you. That is what I have is the Kanex pro, because I have the same problem you have I have an older high definition TV and I use the Kanex pro to connect my Blu-ray DVD player HDMI output to component input on my TV. If you just bought the Portta, see if Amazon will exchange it for the Kanex pro.

Will this device allow me to connect my Wii to my new HDTV

It will allow you to connect the component video outputs of your Wii to the HDMI input of your HDTV. The picture will be standard definition (SD, 480P), not HiDef (780p, 1080p) because the Wii doesn't do HiDef.

Number of Pins	20
Number of Channels	2
Interface	RCA, HDMI

Component to HDMI Converter with HDMI Cable, RGB 5 RCA YPbPr to Video Converter, Support 1080p 60Hz for PS2 PS3 Xbox 360

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