I just read that lifting the ground on one of the signal outputs might be the best option. Does anyone have any suggestions on designing the best passive AB switch?
For what you are trying to do, the "best" option is to have a 1:1 transformer that goes between your guitar and 1 of the amps. That breaks the ground loop without undermining the safety ground on each amp. You would need to check phasing to make sure that the isolated signal isn't getting phase-reversed and cancelling your straight signal; fixing that is as easy as flipping either the primary or secondary wires.
If you didn't need the A/B switch part of things, you could mount the transformer in a small box with a pair of 1/4" jacks and be done. At least 1 jack has to be isolated from the box unless you use a plastic box (so that you don't couple the jack grounds through the box's metal).
I'm not sure which transformer is the best choice, but power handling is no concern, just the impedance of the primary and secondary. I
think 10k:10k will work for you, but it might drop your signal strength.
If your box also had a pair of stomp switches (1 of A/B, 1 for Y), then you have your pedal done. But pedals are cheap when you're not paying for a transformer, so you can probably buy one for as-much or less than you can make it, unless you already had the parts lying around.