Bluetooth AND headphone jack?

I have a treadmill that uses iFit technology. Basically, my phone tells the treadmill to switch speed via a basic audio cable that plugs from the iphone headphone jack into the treadmill (specific audio signals communicate with the treadmill).

I have a wireless headset that I'd like to use at the same time. Is it possible to have the bluetooth stream my music to the wireless headset while the phone is connected to the treadmill by cable? I can either stream the music and not have the treadmill respond or visa versa...Any work around?

I have an Iphone 4.

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