Yes, the XBOX it's already set to 720 p (the max resolution supported by TV). Maybe there'is a way to disable the overscan inside the "Service Menu". I know, i'ts not a good thing mess up with that menu, but in my opinion it's impossible to fix this problem trough the standard TV settings. It's an old TV and the "dafault overscan" was very common at that time. The only way i've found to fix this was using a Laptop connected via HDMI. There it's possibile to adjust manually the screen edges, but the XBOX can't do this.
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