Thanks for the response. I certainly agree that merging the two outputs will limit the signal.
But the way I read the article, the potential damage is to the low impedance outputs, not the high impedance input. That would make sense in a situation where you are talking about two powered outputs (such as pre-amp outputs), as hooking two powered outputs to each other could damage the outputs on each. (Maybe you could damage two guitars' electronics too by merging them, I don't know.) But I don't see this causing damage to the amp. To the contrary, I think this would limit the amount of current going to the amp's input (which is why you get the limited signal).
I don't profess to be an expert on any of this, so I'm not saying anyone is wrong. I'm just saying that I still don't understand why it would damage the amp. Of course, whether I understand something has no bearing on anything.
With that said, I once tried to merge two guitars with a wye as originally posted, and it just screwed up the sound on both guitars.