Hi!
A decent (and cheap) Nvidia passive cooled card will work great.
A Quadro NVS295 for instance can be picked up for around 40 bucks. Then add the Blackmagic Intensity pro for video output to your TV/monitor. It features analog NTSC/PAL SD connections.
I guess your 40" TV also have HDMI, then you can use the HDMI out of the Intensity Pro, and get proper HD crisp pictures at the 40"
This will use two PCIe slots (one 16x and one 1x), but it really shines compared to the Matrox solution.
You’ll also get faster GUI from the Nvidia than you did from the Matrox.
Best,
Pål