I have done a few rough examples of what we might be able to expect from a composite output as seen on different TVs. The exact type and severity of distortions are going to depend a lot on the quality and size of the television... for a projector, you would probably be looking at something between the LCD and tube SDTV versions, depending on how large the projected image was.
Original
Standard tube-based standard-definition TV (SDTV)
(This example is probably a mid-to low end medium sized SDTV, or a large decent quality SDTV... notice the edge trimming is intentional, this is a common issue on these TVs. The actual quality would probably be somewhere between the example and the LCD shown next depending on age, quality and size of TV, but the edge trimming will likely be present on most any tube-based TV.)
LCD-based SDTV
16x9 Widescreen HDTV
As always,
YMMV