If your Playstation has HDMI and the Playstation has VGA, sure, why not. I used it to connect my laptop to a beamer with a VGA connection, and it worked perfectly.
should work yes
idr the only problem with the raspberries (depending on the application of course) is that you only have 1-2A available, if you put too many things on it that draw extra current, it goes down the drain
but vga doesn't draw any extra power and on top of that the signals only go in one direction (pi -> screen)