I have my Tv Out working fine on my TP2. I simply opened up the multitap and cut the blue wire as posted here by isdnmatt:
http://forum.ppcgeeks.com/showthread.php?t=91682&page=3
After that, just plug and play. No registry edits or cabs needed. For safety sake and compatibility issues I would say to uninstall any tv out cabs and the like before doing. It works from stock just as is this way.