cmario,
Inorder to break out two channels you would need a DS1 add/drop multiplexer/channel bank. the two channels would be configured as FXO/FXS:
KXTA824 >--FXO--------->DS1 equip>-------FXS--> KXTA824
<--FXS---------<DS1 equip<-------FXO--<
As this is a simplified diagram, is this what you are trying to do?
ADTRAN makes equipment to do this, and others. Check out their web site: adtran.com the TSU600 series, the NetVanta series, etc. depending on what data requirements your client needs, you can get one box to do this for each end.