If it is decently insulated, it should work fine. You should be able to tell if you're getting issues pretty quickly.
A while back I used a cheapo all-5-wires-together component hookup for my Xbox, bad plan. The friggin thing actually blocked outside interference fine, but there was nothing to keep the audio signals from fuxxoring the video and vice versa! Whenever it sent strong sound signals, the video would distort, and whenever intense colors were on the screen, my speakers would buzz! I replaced that pretty quick, though I suppose I could have hacked it up really good and fixed it, if I wanted to waste a lot of time.