<pedantic>
Technically speaking one arg select() doesn't redirect standard out, it simply changes the default output handle (i.e. which handle print() will write to if you don't give it an explicit one). The standard out file descriptor (as well as the STDOUT filehandle) is unchanged and still points to the same place before and after select(SOMEOTHERHANDLE) has been called. If you fork/exec something else it's stdout will be the same as the parent, not the select'd handle.
</pedantic>