I get that it takes the luma signal from the main NESRGB board, and then it takes the RGB lines (no sync, or sync-on-luma?) and somehow generates Pb and Pr lines.
This is all I have right now - but I guess I was trying to decide if I could make a general-purpose circuit out of this, or in combination with say the CXA2075, swiping the luma from the generated s-video signal.

The two caps are probably just buffers - but even looking at the datasheet for the SGM8052, I can't make heads or tails of what is being done here.
http://www.icbase.com/File/PDF/SGM/SGM00241010.pdf