You just use an additional cable for the magic eye:

3x RG6 or WF100 for Component
1x RG6 or WF100 for magic eye
2x RG6 or WF100 for analogue audio

By far the cheapest way of getting sufficient quality. Max run for HD ~25m.
Posh cables will be beneficial for distances over about 15m.

Another option is CAT5 + a converter that includes IR and audio with the component. However, it's bound to be more expensive than RF cable!!

Chris