Need help with the hardware side of setting up a LightBerry

So I know the standard setup for a LightBerry involves this setup:

HDMI Splitter --> HDMI Cord --> HDMI to RCA Video Converter

HDMI to RCA Video Converter --> USB/RCA Capture Grabber Adapter

USB/RCA Capture Grabber Adapter --> RasPi

I was wondering if there was a way to save fifty dollars and do something differently than this?

1. 
   

   Is there a cheaper, less cords/wires way of doing this?

   
   


2. 
   

   Can I simply do this: A. HDMI Splitter --> HDMI Cord --> RasPi HDMI Port

   
   

Submitted December 29, 2014 at 11:51AM by VladTeppi http://www.reddit.com/r/gadgets/comments/2qotns/need_help_with_the_hardware_side_of_setting_up_a/