I realize this is a few days old... but I think you misunderstood what Hauppauge meant when they said "dual tuners."
One tuner is for analog only.
One tuner is for digital (atsc/qam) only.
So in order to watch 1 analog channel and record 2 others on other analog channels, you would actually need 3 cards.
Also, about the splitter. Whenever you split a signal, it obviously loses power. This can result in poor video quality. Especially if you get 2+ cards and split it 4+ ways, you will need an externally powered splitter/amplifier in order for your signal quality to not degrade drastically.
Some extra info.