SmartLaunch...best choice BTW... anyway:
Sure that'll work. it really depends on how much flexibility you want, money you want to spend, how much control you want to have.
From your description you'll need at least:
CABLE MODEMS
2 cable modems
ROUTING
2 routers (or 1 router capable of 2 subnetworks....too expensive though)
SWITCHING
(Option 1)
2 simple 16 port switches (one connected to each router)
This method would just be easier on the eyes....nothing more
(Option 2)
1 simple 32 port switch (You would then have to plug in each router to the switch ... perhaps 1 router in at Port 1 and 1 router plugged in at Port 17)
This would allow you make the "Console" network from ports 2 - 16 and the "Smart Gaming (PCs)" network from ports 18 to 32. You would then just simply make each router's internal IP address coincide with the network it's providing to....for instance having the gaming network a 192.168.0.x network with the gateway/router's internal IP address of 192.168.0.1 THEN have the other network be 192.168.1.x with the gateway/router's internal IP setup as 192.168.1.1. Then you would have to turn off DHCP and assign each PC a static address. When you plug in the gateway address as either 192.168.0.1 or 192.168.1.1 then the switch will know which direction to send the data...or which gateway router to send the data to essentially.
(Option 3)
You could use 1 32 port managed switch and break it off into 2 VLANS
Essentially, the same as option 2 except with loads more security between the two networks, the ability to log into the switch from home (in this case the switch is "smart" and not only hold Mac address, but also IP addresses). The smart switch also has it's own IP address and tons of features for propagating traffic, security, etc.