nyfm-
Hmm.
I am guessing that if you are using the S-Video outs from the camera, then the DA conversion is done in the mixer and then outpt to the G5 via FW. Can the mixer output digital and firewire at the same time? If so, then your external recording device could be something that accepts video and records it directly from the mixer.
Can't you configure whatever software you are using to webcast the video to save a quicktime file or something? I think I see what you are trying to accomplish, but I do not know of a way to have two FW devices, other than RAIDed hard drives, to read a signal simultaneously.
I am pretty sure that you can shove your output to the web to more than one place at the same time as well. I am thinking as in to another computer sitting on the network that takes the streaming feed and converts it to something that can be saved.
Just brainstorming here for the most part. Maybe someone else will chime in.
Luck-
-DaddyPaycheck