I managed to get the tv out working with semi-correct resistor values but in order to better understand what was happening I connected my oscilloscope and also started to calculate optimal resistor values.
From what I can understand the 1k resistor together with 75 Ohm is responsible for the blanking signal which should be in the neighborhood of 0.285V (Wikipedia states up to .285 V)
A voltage divider with 1k and 75R fed with 5V gives 0.349V according to my calculations which is a little bit on the high side.
It seem a value closer to or even above 1.1k would be better suited?
Peak video voltage (reference white) is specified as 1V total signal voltage. Since this will be a function of blanking signal voltage (the 1k resistor) plus the voltage from pin 7 (default pin number - may be other pin) the total resistance of the two resistors in parallel should actually be pretty close to 302 Ohm.
If we choose 1.1k for sync than the 470 resistor should be as close to 417 Ohms as possible.
Are my calculations, understandings and findings correct?