I have a USB capture card that I'd like to use to record some game play, but there is a slight lag between button presses and actually seeing the action on the monitor. So I'm wondering what a good (and cheap) way would be to hook up the Gamecube to the capture card (using S-Video) and to a TV (I don't care what connection is used for that). That way I can play on the TV while I record using the capture card.

I understand that using a 'Y' S-Video splitter is not an optimal solution and will result in signal loss. I was wondering if something like this would suffer from the same problem? (With me hooking up the S-Video output to the capture card and the composite output to the TV?) Or alternatively are there any other cheap (<$30 USD) ways to go about this?