I'd just use a splitter unless that one molex connector dies or whatever. In case that happens, you can do the following. You can blow a circuit in your house if you do this wrong, but it isn't difficult, just connecting the right colored wires. This will also void any warranty on your computer...
If you can find an old power supply and cut one of the set of connectors with the largest number of molex connectors. Cut all of the wires, 1 red, 1 yellow, and 2 black. Now, cut off one of the SATA connectors... it should have 5 wires, the same as the IDE + an orange.... Cap the orange and forget that it ever existed, but then connect, solder, and shrink wrap the old connector and the one coming out of the PSU, matching the right colors.... and you'll have some new molex connectors....
Where I work with accept donated computers which are sent to Africa after being repaired, but at one point a small business donated about a dozen computers and none of their floppy drives would power on... We pryed open the cases and foudn that someone had cut all the wires between the floppy drives and the power supply.... my guess was to prevent people from using removable storage.... but of stupid ideas, this is up there.
