Reading the forum, it seems the TV model will be able to switch one of the triggers to button 3 of the mouse. If that's all the changes actlabs did, you won't be able to pull both triggers at the same; both guns will shoot at the same spot. If actlabs added a delay also, it might work.
For the "Only one light gun can be used at a time" note listed on
http://www.act-labs.com/scripts/proddetails.asp?pid=132 it sounds like you can only pull one trigger at a time, unless this is an un-updated leftover from earlier.
Reading the forum, you can use the TV and the PC guns at the same time, the TV one on a TV, the PC on a PC monitor, and you need a video card that outputs both at the same time. The TV will need to be set to gun 2, and I bet you'll have the same limit as above, if the limit is true.
About 2 lightguns and analog+:Normal lightgun "support": triggers are seen as separate buttons (using directX & winMe/98), but both guns effect both crosshairs (using win32 api). This results in semi playablity; you'll notice zero problems is long as both guns don't shoot at the same time. If they shoot at the same time, the win23 api mame and Analog+ uses to get the location thinks there is only one gun (mouse); thus both guns shoot the same place. This is a limit of
WINDOWS win32 api. Not the gun device driver, not the gun hardware. If the TV guns just are a simple switchable trigger <==> button assignment, I bet the same thing will happen when used in any game, not only mame.
Alpha multiple lightgun support: I need testers. I'm testing two methods; the one I didn't think would work very well actually works sometimes, the one I thought was the better way needs more editting. Both need win98 or win98 and directX 8 (8.1, 9.0), just like the mulitple mouse support in Analog+. Both use directX to try to get the location the gun is shooting at.
The fact that one of the method works at all (plus the normal lightgun "support", above) seems to me to prove that the PC guns are
not hardware limited to one player. Nor are they windows driver limited. It's F#$%@* windows itself, again.

I'm waiting what actlabs has to say about the trigger at the same time thingie.