Is there a ROM..

You mean split their audio levels so you can control those volumes independently?

I haven't seen any that specifically tout that feature. Might be worth looking into the early work with CM9 to see if that's something they plan on including. It's probably possible to do...
 
Unless an app specifically says it will work for ICS for splitting sound, it wont. And that one does not.

I too am interested if any of the custom roms will do this as I don't think 4.0.3 fixes the problem.
 
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