JSF 1.2 w/ EL 2.1 (the usual pairing) doesn't support calling methods with parameters on beans using EL expressions.
There exists one hack, abusing the fact that JSF EL expressions work on maps:
value="#{myBean['product']}"
This will assume myBean is implementing Map interface and will call get method with 'product' as parameter. I don't know if the key can be dynamically computed but it's worth a try.
Syntax would be:
value="#{myBean[item.product].component.address}"
Assuming here that myBean implements Map interface and returns the appropriate object and item.product is returns a string.
I am not sure this will work, but it's your only option beside implementing a getter that looks up item.product value in its implementation.