By default it is not possible to have multiple output files for a single T4 template. But out there are some implementations that offer you this possibility. For example, if you are using tangible's T4 Editor they provide a free template gallery containing a includable template named "TemplateFileManagerV2.1". Referencing this in your T4 template allows you to generate multiple output files, even in different projects of your solution.
Here's how that could work for you:
<#@ template language="C#" hostSpecific="true" #>
<#@ include file="TemplateFileManagerV2.1.ttinclude #>
<#
var manager = TemplateFileManager.Create(this);
manager.StartNewFile("output.cs");
#>
// content here will be rendered into
// output.cs file
<#
manager.StartNewFile("output.vb");
#>
// content here will be rendered into
// output.vb file
<#
manager.Process();
#>
You might have a tough time tough, since you're using two different output languages in the same T4 template. Thus the syntax highlighting will be messed up...
Hope that Helps