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Troy I'm in the same boat as you and I didn't mind syncing the iPad to my iPod under the same account.
Recently though my son was given an iPod for his birthday and I've bought a iPod nano for my wife and obviously these needed a separate account on the same computer/iTunes.
The info I found is that you have to hold down the shift key (in Windows) when you click on iTunes which brings up an option to create a *new* account and you place that in a separate folder creating a new Library.
Whenever you plug your alternate device you just choose the appropriate library from that folder and go from there.
AFAIK you have to choose each time which library you want to sync to for different devices.
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