With the 2nd method, do you think that it will degrade the sound using the Y-adapters?I suspect that it will not in this specific case, considering the specific impedances that are involved (and assuming that ground loop hum does not occur, which is unlikely but doesn't have much predictability).
From a technical standpoint, I would expect that adverse effects people sometimes report as a result of introducing splitters or y-adapters into the signal path are in most cases the result of the inability of the component driving the cables to simultaneously drive two sets of cables and the two specific load impedances with good results. Rather than being caused by the splitter or y-adapter itself.
Good luck. Regards,
-- Al