I hear you loud and clear on your plan, I know you don't want to spend another buck.
What if we did a vga to hdmi conversion ?
It's not that hard to do at all and pretty much painless.
The only that would aggravate me is type of cabling that you need and the quality it would produce for you.
Thats the best option for you and it would save you from making custom vga cable to do what you need it to.
Also I would take staple gun and put the wires up top of the ceiling or close enough to where you can reach, grab and unhook something just in case something goes wrong with your connection.