

I currently use an HP EliteDesk SFF (the middle size one) and use a DAC for DisplayPort to RCA.
DACs generally add less than 1 frame of lag. Youre thinking of scalers. If the adapter applies any sort of processing other than simply converting from digital to analog, then it adds more lag. But simply converting will usually have nearly imperceptible levels of lag. I can try to measure it when I use it next and see, but I can say that I don’t notice any “awful lag.” I am not a fighting game player, but timings in Shenmue for QTEs and Legend of Dragoon for combat don’t feel off or bad.
If you wanted, the EliteDesk Mini has a proprietary expansion slot in the rear for modular video output, and one of the available modules is VGA. VGA to RCA is just a cable adaption (analog to analog) and intoduces zero extra lag, so that could be an option if you for whatever reason feel like DAC conversion introduces too much lag.

There were a very small number of grey carts with 1.0 on them but most 1.0 carts at least in America are gold. Most grey carts are 1.2, but some have 1.1 as well. 1.1 is a general bugfixed version but also rare, while 1.2 is where all the censorship came in. Unfortunately for Europeans, all PAL versions are based on the censored 1.2 build. Due to this, grey carts are generally safe to assume are 1.2, because it is the most abundantly available build of the game, having been manufactured and sold the longest.
There are some reports of 1.1 having partial censorship as well, though these may be due to someone swapping the physical carts shell from a different version of the game.