The RF Mogul uses a single coax. The technology is SWM (Single Wire Multiplex). The coax goes to a power brick and then on to the RF Mogul controller. The power cable goes to the controller. The conroller coax which is SWM goes to my DTV H44 which can record 5 channels at the same time.
The HDMI controller output goes to the TV. Since the H44 is a Genie the controller coax output can be routed to Genie Clients which are not receivers but instead are depenent on the Genie.
Your 2 coax setup is likely intended for a dual LNB dish. But you should be able to use just one coax IF there are no related splitters. However since you will be routing the power cable I recomment you route a high quality coax that has the bandwidth etc recommended for SWM.
PM me if you want to know more. And PS my daughter/family live in Carnation.