The issue with the above set up is getting a HighDef signal to the LCD TV in the workout room. I have one set of component cables running from the AV Closet to the workout room.

If I ran two sets of component cables into the workout room, then I could let the TV do the switching, but I don't think I can physically fit another set of componenet cables thru the passages (I have 2" PVC pipe as a conduit between the rooms).