Ron's concept would certainly work, but if these are loop powered (2-wire) devices you would have to allow time for the transmtiter to re-stabilize after powering up for each cycle. You could minimize this by using a SPDT relay to swap in a 250 Ohm resistor instead of the card, assuming there is a fair amount of ride through on the transmitters. If your analog input is voltage instead of 4-20 mA the switching is simpler (one leg each) and you don't have the power cycle problem. You can make a 4-20 mA signal 2-10 VDC by using a resistor.
In my opinion these schemes are not cost effective. AutomationDirect analog I/O is aroung $30 US per channel, and most manufacturers have analog I/O for much less than $100 per channel. By the time you get done with engineering, programming, relays, wiring, testing, and generaly screwing around you aren't really going to save much.