Terminator,
Thanks for the update. I am running almost the same set up as you, minus the wireless connection. I am working on connecting my Iphone5 to my set up using your set up here minus the wireless. Here is what I have: Iphone5, Lightining Digital AV adapter, waiting on the MINI HDMI to RCA Converter( I just ordered from Amazon). I am already running different input: TV, DVD and PS2 game console to all three all my monitors.
I do have one question for you. I see that you have a different AV display on your monitor and it will disappear after a couple of second. I cannot get my AV (blue line) to go away

. see pictures below. Do you know if there is a setting somewhere that I am missing?
As soon as I get the MINI converter I will hook everything up and let you all know if it is possible with the Iphone5 to mirror it. I will work on the wireless connection after.