OMG / OMA ... Get a NEW Husband!
Composite and Component are different formats I am surprised that you get B/W video with the mismatch.
If the new TV supports the old analog TV format you could use the RF output of the Series1/2. You probably won't be satisfied with the video quality.
Are you sure the new TV does not have at least 1 Composite input? If it does you could get a inexpensive switch. A 4 input composite switch can be found for around $20. A quick search found "Cables To Go 28750 4x2 S-Video, Composite Video and Stereo Audio Selector Switch" $18 on Amazon it has a connection on the front which is handy for portable items like video cameras and game consoles.
Link to the Optimum West support page Using TiVo with iO TV
I would be tempted to swap out the 2 Series 2's with one Premiere (it records 2 channels)