Originally Posted by CLStech
Absolutely would work, but kinda wanted to stay away from the third device (tablet)
Don't need a third device. I'm not using a chromecast, just using my phone/tablet setup as an example of Hotspot allowing two devices to communicate on the same network. IE Your phone and your chromecast could live on the same network your phone was broadcasting out.
Chromecast -> HDMI to Composite Adapter -> RAX
Would probably make the P2TV device replaceable with a Chromecast... which probably doesn't buy you much since P2TV devices are only $20-$30 cheaper than a chromecast.