MTV8000D can accept HDCP in HDMI input. Magic TV does not output HDCP in HDMI in current and previous firmware.
For video purpose, your connections may work.
For gaming purpose, the HDMI going through MTV8000D will have latency that's not desirable for gaming. Although you can try forcing the MTV8000D to use the HDMI switch for game console by recording another external input, it's not very convenient.