You will need to post this again and this time include a screenshot from stockcharts.com so we can see what this looks like. Because from your technical description this is no different than plotting two separate charts on a chart grid "(meaning 2 separate graphs)". One on top and the other on the bottom.
Edit: After the screenshot was provided in the comments section below this answer I have something to add to this answer:
Yes, it is possible to do something like this with a custom chart study. But it will plot the alternate ticker symbol in the lower subgraph, just like any chart study you might add to the chart. There is no way to do this without writing a custom chart study. Any chart studies you want to add to this alternate ticker symbol will need to be hard coded into the custom chart study that plots the alternate ticker symbol. So basically, there is not way to to do this using any chart settings.
To plot the VIX as a single line in the lower subgraph it only takes two lines of code:
declare lower;
plot data = close("VIX");
I have updated my answer to provide a partial solution and explain what is possible on Thinkorswim. The example code I provided will plot the close of VIX as a signal line on the lower subgraph. Change the ticker symbol to whatever you want to display there.
It is possible to apply virtually any chart study you want. However this cannot be down by simply adding an existing chart study to the chart. You can only do this by including the full code to compute the custom chart study within the same code that plots the alternate symbol.
Here is an example of that same chart study with a single moving average included:
declare lower;
plot data = close("VIX");
plot maOne = MovingAverage(AverageType.SIMPLE, data, 21);