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Nope. Bad idea.
There is a thing called "Impedence". It's like asking that all the blocks of concrete in your sidewalk be the same level. The input jacks on your TV appear as a 75 ohm impedence so the best 'sidewalk' is one that is also exactly 75 ohms.
All video cables are made with 75 ohm coax and the better cables have RCA connectors that come close.
But strange things happen if you put a dumb "Y" splitter on the line. You no longer have a 75 ohm impedence. This can cause reflections/ghosting of your video image.
And the faster the video signals are - the worse the problem is. (Like a speed bump: not a problem at 10 mph, but horrible at 50 mph).
People have used the Radio Shack $40 L/R/Video mechanical switch box and say it works fine for their HD systems.
Good Luck.
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