To me, it would seem like if your feed and devices need to support HDCP then you need a splitter that supports it also.
Looking at these HDMI Splitters from C2G
and reading the reviews. Technically, what you want to do will work at least should.
Since you have the need and if you decide to try this, let us know your findings.--
Oh, praise the one who paid my debt;
And raised this life up from the dead.