The composite encoding is handled by a seperate encoder chip, labelled S-ENC, at U8 in the top right page of the neviksti schematics. (?) are things I'm not terribly clear on.
Analog RGB, and SYNC run to the S-ENC chip, as well as the RED, GREEN, BLUE, and SYNC pins on the AV jack.
Going by the datasheet below, this is rather rube goldberg setup. The chip take analog RGB, and SYNC, and generates YO, (R-Y)O, and (B-Y)O signals from those via a matrix, merging SYNC into YO.
Those three outputs get looped back on the board to YI, (R-Y)I, and (B-Y)I. YO also gets routed to the AV jack V-SV pin (s-video luma)
SYNC, NT/PA, and some voltage refs get fed into a PLL that generates 0 degree, and 90/270 degree phases. Those get multiplied with the (R-Y)I and (B-Y)I signals, as well as the burst signal. The results get summed together, and sent out the CO pin, which runs to the AV jack C-SV pin (s-video chroma).
The CO signal also gets summed with YI, with some control from the pedestal clamp pulse and burst flag pulse inputs (tied together, come from some line on the PPU I didn't trace down yet, probably a HSYNC related output). That result gets amped, and fed out the VO pin, which runs to the AV jack VIDEO pin, and the RF modulator (composite video).
http://nfggames.com/forum2/index.php?topic=3525.0 has a pile of info regarding the SNES/N64 encoders
http://console5.com/techwiki/images/e/e6/BA6592F.pdf is a pdf for the BF6592F, which appears to be pin compatible with the S-ENC. From the discussion on the above page, it sounds like the S-ENC is a BF6592F with a builtin amplifier.
I believe blargg's snes-ntsc lib does as good a job as could be expected for this. The chip's already modulating the color difference signals against the I/Q phases, and generating the chroma signal from that, which suggests that it would not have the same color fringing artifacts the NES runs into from generating pixels faster than the chroma signal can resolve them. Effectively, the S-ENC chip prefilters the chroma for it. Also, given the usual sort of art, the difference outputs from the matrix aren't as likely to jump around as much as they do on the NES.
Theoretically, it might be possible to rig up component video from an snes, but it'd probably need some amplification or level shifting.