N4ZR:
>The 3 dB from splitting aside, are there other
considerations I am missing.
Impedance matching. Might or might not be
a problem depending on the true input impedance
of your receivers. The Magic-T is designed for
exactly this purpose and is described on Tom's
website below:
http://www.w8ji.com/combiner_and_splitters.htm
73, Bill W4ZV