Yes,

It's a Tivo. But it has a DVD player built in. With this in mind my thinking is the need of only one line out to go to the TV, since I only have one to use. Currently I would need two.
I understand what you're trying to do, and what the unit is, but I was checking because I was confused as to why you would buy a Tivo and then consider exchanging it for the type of unit suggested in the second reply of the thread I know the feeling of wanting a product that badly, though I would say: have both!

My other question would be: I'm gathering from your reply to my suggestion of a receiver that you have one already. Your current receiver doesn't have enough inputs for two components? If it's as old as you say it is, I would definitely upgrade it. The most recent component in my system is the receiver, and in many ways it's the most important. I was so happy when I upgraded, because my new one kicked the crap out of the one I got for half off at Radio Shack
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Matt