> I am wondering if the following setup is possible or not:
>
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>
> Is this a reasonable setup to approach? I would appreaciate any help.
This is often referred to as tri-mode. I think it's a poor solution.
Passive components in the subwoofer side of the spectrum tend to be pricey
(although Radio Shack sells some cheap coils for this purpose - around 12
bucks I think) and this only gives you a 6dB/oct slope. More importantly,
your output will be attenuated - you'll probably hardly notice the sub.
Frankly, I'd just amplify one or the other right now and wait until you
can afford another amp. Besides, for a little more money than what
passive crossover components would cost you, you could buy a cheap amp off
of ebay, at least as a temporary solution.