Since I started this thread, here is the answer I got from Delhi Airport (IGI) GM.  To my suprise I got this email back the next day.
-----------------------------------------------------
Thanks for contacting IGI Airport.

International passengers having onward connecting international flight can wait in the transit lounge of International Terminal (Tr. II) till their next departure irrespective of transit time, and no visa is required for the same.  You do not need to go through Customs and Immigration formalities as after claiming checked-in baggage you head directly to Transit lounge at the first floor or you can request your airlines to transfer your checked-in baggage directly to the connecting flight. 

For any assistance please feel free to interact with our Airport Manager on duty.                                                                                                                                                                                            

With kind regards

R.K. Srivastava

General Manager(Ops.)

Delhi International Airport Pvt. Ltd.

IGI Airport, New Delhi

Website: www.newdelhiairport.in

GMR Creating Tomorrow Today