Get a USB audio adapter. It basically adds another set of headphone and mic jacks to your computer. Use this for your audio out to TV.
Something like this:
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http://www.buy.com/prod/qvs-usbaudio3-usb-to-2-1-stereo-audio-adapter/226049977.html
This will free up your headphone jack and you will end up with something like this in your Sound preferences:
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Make sure check the box on the bottom circled in red.
Now
option/click (alt/click) on the speaker in the menu bar will allow you toggle your audio choice.
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Not the most elegant solution but, No more unplugging...