You were great until you said you have premium channels - I have the same setup but we have no premium channels, so voila! No cable box.
From your question you want to be able to record and watch both premium channels and regular channels while being able to watch premium channels and regular channels. I believe that the only way you're going to be able to do this is with (ulp!) two different cable boxes to separately decode the signals.
As we don't have a cable box, our setup is to split the feed from the cable to go to both the Replay and the TV. When we want to watch the Replay we go off of the composite video and the AV receiver. If it's recording and we want to watch something else, we switch over to the cable feed. If you did this, you'd be able to record anything through the cable box feed and watch the regular cable through the regular feed. Not the answer you wanted, I know, but it's all I can think of.