I don't see why not. I've got either 2 or 3 inputs always connected to each of my (3) slingboxes.
With both connected, simply use the drop down menu Slingbox -> Video Input -> and select the input you want to watch.
If you connect both the s-video and composite video inputs to a Slingbox classic, then you have to share the one set of audio inputs - so one of the devices needs to be off while watching the other one, so you don't have both audio streams simultaneously. That is not a problem with the coax input.
Carl


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