Help with game streaming/recording setup

[Smashbro29]

The setup is made in such a way that will allow me to utilize what I have and make it all come out in one cable.

I discovered later the Black Magic Intensity pro only accepts 480p through HDMI which I figure can be circumvented by converting the end of it to HDMI. Seeing as I need to kill HDCP for the PS3 this seems perfect.

I'm just wondering if there's a better way to do this, the goal is to have everything play on the TV as it does now and I'd only have to change a switch or 2 and one option on my PC to get a new game up. I'm also concerned about signal degradation.