You have to be in single mode and using 2 of the HD outputs.
Not so. You would be hooking up both TV's to both HDMI and component video plus audio onto the TV1 output.
When doing this to view HD on any of the 2 sets, you would be viewing TV1.
If you are in single mode, both sets can view PIP. You can add a third TV if you like to TV2. That can view something else if the tuner is set to dual mode. No PIP option available in this case.