From what I read in
http://focus.ti.com/lit/ds/symlink/ths8135.pdf I'm pretty sure that in theory the axim can do most of the work needed for a proper 'TV out' (composite/s-video) signal.
Questions:
1/ what hardware stuff is still needed?
2/ Can you program the chipset to do it somehow?
Can someone smarter than me comment on this?