You will still need to calibrate, as you will still be bypassing any calibration done/set by you/your receiver.
I haven't read the manual, but I would assume the player has BM and the ICBM will be pointless.
I can honestly tell you that DD/DTS via coax/toslink will perform the best, when you compare it to the analog connection. I have done it already
Thanks for the reply. I will try both ways and report my findings too