Andy and Chris,
We actually have a working implementation of the ASCOM solution that Andy mentioned...we had it working about 3 days after Chris initially requested it 8ish weeks ago. But we ran into some snags and with the 2.2 release of SGP we haven't revisited it.
However it's not fully baked and we need to optimize it some. Unfortunately going this route means there are some additional "hops" in pushing a rather large chunk of data around. Generally it would go Camera -> ASCOM -> PHD. With this implementation it would go Camera -> SGP -> ASCOM -> PHD. The additional SGP hop isn't really the problem it's that to go between applications you generally have to go out to the file system...which takes time. While the current implementation does work there is around 1-2 seconds of additional lag between the actual frame completing and PHD being able to take action. We don't really think this is acceptable but to be honest we haven't tested it "in the wild" either.
Currently we're polishing up some of the remaining changes for 2.2 to get complete. Once that is done we'll likely leverage some of those features to enable the ASCOM pass through guide camera for SGP.
To be completely honest this still isn't the best solution. Ideally there would be an SBIG ASCOM driver that would expose the two cameras and act as the hub for different applications to split the cameras. This would reduce the hops and I believe could be done entirely in memory (a benefit of COM).
We do plan on revisiting it in the near future. It will likely be at the top of our list once get the 2.2 release wrapped up.
Hope that helps,
Jared