I am glad you posted this information. I have the same board and connected a s-video to rca adapter (like the one in the link) that I purchased from Fry's and only got a black/white picture. I tried changing from PAL to NTSC but it did not make a difference. I did not purchase another adapter but will be interested to know if the one in the link truely works (produces color picture).
NOTE: I had a MII10000 board that produced a color picture using the same RCA cable into the board. So, I just purchased a s-video to rca adapter hoping it would work the same - not.