That is an interesting point! Imcloud seemed to get away with it on his setup.
I know when I used a Y to feed my cd player to both receivers, I could not just turn on one system and listen to it. Apparently the signal was going into the "dead" receiver and running rampant among the circuits, then feeding back into the cable to the active receiver. It didn't seem to hurt anything, but sounded like crap. Once I turned on the second receiver everything sounded fine.
I don't think line level signals have enough voltage to do damage to any circuits. And I wouldn't be applying a higher level of signal to the output than what that output would normally see from within its own receiver. But I know just enough about electronics to be seriously dangerous!