Yup, works fine.
I'm in the same boat as you, XM, routing my component outs through the HDP-1, then to my 1st gen Toshiba HDTV. I just set the HDP-1 to Bypass (too much hassle to crawl behind the tv and swap out the cables), and then set the 6000 to 4X3 #2. This seems to disable the * button.
On normal SD channels, the picture automatically sets itself to Stretch, and on the HD channel, it is set to Letterbox. Can't tell if there's any discernable impact on the picture quality. No more getting up to flip the little toggle switch on the HDP-1 anymore!