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Actually that should work just fine. When in standby mode the TiVo is passing through the signal untouched, just as if you had the coax connected directly to the TV. And since CableCARDs are unidirectional they should be none the wiser to the switch. The only problem I could foresee is if your TVs firmware had some conditional response to the digital cable signal going away when your TiVo was not in standby. Even though unnecessary I could see some stupid TVs out there attempting to reset or re-sync the CableCARDs every time the signal went away, and that could potentially cause problems. But the only way to know if your TV had such a problem would be to actually try it.
Dan
Dan