The image below depicts what I would like to do. I have two questions in regards to it:

1. Can I do this with two Linksys WRT54GL routers (I already have them and would like to avoid spending any more money on networking equipment at this time. Can I get rid of one of them and just do it with one?

2. Why is it that the IP address of the iPhone is in the 70 range (I understand that is a class A address which makes sense to me given the number of devices that must be connected to the Verizon network) and the gateway address when you connect to the iPhone with your laptop and run ipconfig you end up with a totally different address. I guess it seems to me that the iPhone hotspot is acting as a router of some sort creating a sub network?

I think I can figure question one out with many hours of research. I'm willing to research and understand if it will result in success. I've already researched IP addresses and the network identifier part versus the host part of the address and how subnet masks can tell you how many binary numbers in the IP address are devoted to the network versus the host. I imagine with a few more hours I could dig far enough to figure it out but I don't want to be barking up the wrong tree by pursing that which is not possible.

The reason I want to pursue this is I don't like having to switch back and forth between the hotspot and the LAN when I want to print something. Especially with web based stuff like Word online. You have to remember to click print, wait for it to preload, then switch networks and print again. If you have a bunch of different documents you need to print it takes a long time to keep switching between the two and waiting for them to get connected and ready to go before you move to the next step.

Thanks