We propose a simple and high-performance scheme for demultiplexing coherent Nyquist TDM signals by photo-mixing on a photo-detector with Nyquist LO pulses. This scheme takes advantage of the time-domain orthogonality of Nyquist pulses, which enables high-SNR demultiplexing and homodyne detection simultaneously in spite of a strong overlap with adjacent pulses in the time domain. The feasibility of this scheme is demonstrated through a demultiplexing experiment employing 80 Gbaud, 64 QAM Nyquist pulse OTDM signals. This scheme exhibits excellent demultiplexing performance with a much simpler configuration than a conventional ultrafast all-optical sampling scheme.