IMNSHO, it's better still not to split the mic at all: go straight into one channel, and then patch the direct out from that channel to the line in of the next channel with a polarity-flipping patch cable. It's less noise, and better loading for the mic...
You can do that trick with an insert steal as well. In fact, on many boards the insert send is inverted already (a positive-going voltage on pin 2 on the mic in will yield a negative-going voltage on the insert send), just because of the circuit design of the board. if that's the case, a straight cable into the line in will do it for you.
It's always useful to find out if your inserts are inverting or not: nothing dictates that they be noninverting, and low-cost boards often don't keep track of the number of inverting stages on these oh-by-the-way auxiliary functions. Chalk that one up to Stupid Mixer Tricks...
If you have to Y the mic, you'll need to Y the shield as well. The times I've done this, I've just shoved two cables into the female connector, and paralleled everything. It gets snug, but can be done. I'd much prefer to use the buffered direct-out signal, though.