Thanks all for the replies....
Gonk, point well taken re using both, I didn't make it clear that the s-video is ALSO routed to a television in another room.
The way it seems, the only solution would be the Y-Connect, from the s-video to both the projector and tv AND lcd monitor. The composite would be rendered useless as far as the OSD is concerned (a shame that all video couldn't simple be routed out of all non-DVI video outputs, including the OSD)....