The elite will plug in via Component *red, blue, green plug* or HDMI included in the box. You can connect it via the composite *yellow plug* but you will not be able to have HD resolution on the composite, unless your TV is not HD compatible then the point is mute.
You can set time and parent restrictions on games with the 360 with certain ratings and lock them down with a password. It has a built in wired ethernet that you can plug into your router at home. A wireless adapter much be purchased seperately and its around $100
http://www.xbox.com/en-US/hardware/x...essnetadapter/
You can also set play time with the Family timer. If you need further help, feel free to ask, i'm the IT guy for my family and career as well as an avid 360 gamer
Check here for more parental control details. How old is your son? I can give recommendations on what games would be appropriate and NOT
http://www.xbox.com/en-US/support/familysettings/