TV1 has component and HDMI and composite/S-video outputs, TV2 had composite. They both output on the common RF output. These are the outputs, inputs sat 1, sat 2, and OTA are digital HD or SD as broadcast and recorded the same.
The best you can do with one HD receiver is run one on HDMI and the same program on component. A second connection for composite from TV2 or RF will allow use of separate (dual) mode but this means no PIP and may block viewing during recording(s). The long run on HDMI is simpler if you can get the connector thru, versus 5 runs for component plus separate composite/RF, in either case.
-Ken