No, you're on the right track. Unfortunately, by the time you have access to the GraphicsDevice in the DrawableGameComponent it has already been created, thus setting the presentation parameters values won't do any good. You could attempt to reapply the parameters by doing a device reset, but my first try at this didn't work.
You could hack it, and add the following in your game component constructor (instead of LoadContent):
IGraphicsDeviceService graphicsService = (IGraphicsDeviceService) Game.Services.GetService(typeof(IGraphicsDeviceService));
if(graphicsService != null && graphicsService is GraphicsDeviceManager)
{
(graphicsService as GraphicsDeviceManager).IsFullScreen = true;
}
This allows you to set the mode to fullscreen before the graphics device is created, but sort of defeats the disconnected service architecture. If anyone knows how to reset the graphics device safely feel free to chime in.