Very good posts firearrow. I hope you stick around. We always need more people like you here.
For the rest of you: Note that there actually
is another invariant. If we consider 1+1-dimensional proper and orthochronous Lorentz transformations, for [itex]p^2>0[/itex], the sign of [itex]p^1[/itex] is invariant. And even if there had been no other invariants (or if you were just ignoring this invariant because we're not interested in tachyons) evilcman's question was still a good question to ask.
The key to understanding these things is to understand that a
group action on a set partitions the set into "orbits". In this case the set is [itex]\mathbb R^4[/itex], and the orbits are defined as [itex]\mathcal O_p=\{\Lambda p|\Lambda\in SO(3,1)\}[/itex] for each [itex]p\in\mathbb R^4[/itex]. Note that if [itex]p'\in\mathcal O_p[/itex], then [itex]\mathcal O_{p'}=\mathcal O_p[/itex]. From this it's easy to see that each p belongs to exactly one orbit.
Let's focus on SO(1,1) again. When we discover that [itex]p^2=-(p^0)^2+(p^1)^2[/itex] is invariant, we know that each orbit must be a subset of a hyperbola, but we don't know
which subset until we have noticed (as firearrow mentioned) that the group action restricted to a branch of one of these hyperbolas is
transitive. "Transitive" means that for each p and p' on the branch, there's a [itex]\Lambda[/itex] such that [itex]p'=\Lambda p[/itex]. If we consider a specific p with [itex]p^0>0[/itex], then transitivity on the branch [tex]p^0=\sqrt{(p^1)^2+m^2}[/tex] is proved by the fact that we can choose [itex]\Lambda[/itex] to give [itex](\Lambda p)^1[/itex] any value.
Now what
that means is that we have completely determined the orbits of SO(1,1), which is what we're really interested in. This is much more interesting (to a physicist) than finding all the invariant
functions, because it's a huge step towards finding all the irreducible representations of the group.