One of the systems planned for the measurement of electron density in ITER is a multi-channel tangentially viewing combined interferometer-polarimeter (TIP). This work discusses the current status of the design, including a preliminary optical table layout, calibration options, error sources, and performance projections based on a CO2/CO laser system. In the current design, two-color interferometry is carried out at 10.59 μm and 5.42 μm and a separate polarimetry measurement of the plasma induced Faraday effect, utilizing the rotating wave technique, is made at 10.59 μm. The inclusion of polarimetry provides an independent measure of the electron density and can also be used to correct the conventional two-color interferometer for fringe skips at all densities, up to and beyond the Greenwald limit. The system features five chords with independent first mirrors to reduce risks associated with deposition, erosion, etc., and a common first wall hole to minimize penetration sizes. Simulations of performance for a projected ITER baseline discharge show the diagnostic will function as well as, or better than, comparable existing systems for feedback density control. Calculations also show that finite temperature effects will be significant in ITER even for moderate temperature plasmas and can lead to a significant underestimate of electron density. A secondary role TIP will fulfill is that of a density fluctuation diagnostic; using a toroidal Alfvén eigenmode as an example, simulations show TIP will be extremely robust in this capacity and potentially able to resolve coherent mode fluctuations with perturbed densities as low as δn∕n ≈ 10(-5).