Apple tv compatibility questions?

I would like to buy an apple tv, but the only input my tv in my room has is a coaxial input. Could I use an hdmi to component adapter, component to composite box, and a composite to coax adapter in conjunction with each other to use the Apple TV 2G, or should I stick to the apple tv 1g and use the color hack and a composite to coax adapter. I have an iPod touch 4g And would like airplay functionality.