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You're on the right track.
It can only record component signal in tape mode... which is exactly what you're looking to do. Switch the HVX to tape mode, then go to MTR/VCR mode (rear button). Connect the component cables, and record to tape. You can also use this method to pass-through firewire directly to your NLE if you so desire.
To record to tape, use the top deck control buttons (there are two record buttons you have to push simultaneously) - not the big fat red buttons on the handles
Method to record through firewire will vary by NLE...
First, while in MCR/VCR mode, select "Menu" "AV IN/OUT SETUP" and switch "1394 OUTPUT" to ON
In FCP, at least, capture device must be set to "non-controllable device"