Understand it's the splitter's job to degrade your signal. It's going to cut the output signal in half (half goes to one output, half to the other). There's also inefficiency in the splitter itself, so you'll lose a bit more as well. They're cheap, so it's a worthwhile experiment assuming it's not a hassle to run the cable to the other TV.
I'm using a Perfect Vision 22-233 as a combiner (just a splitter used backwards) and am pleased with its performance.
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