Suggestion:
People with HDMI sometimes see a lag in the video. But component is analog and has been around for years and should not have this type of issue.
Check your TV settings to make sure it is setup to accept either 720 or 1080 from the component jacks (some televisions use specific jacks for specific resolutions). Then make sure your xbox is outputting that exact resolution. This should minimize any conversion that may be behind things.
Note: there is no such thing as a "led blu ray" TV. Look up the make and model if you want a better answer.
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