At one time I went totally crazy with four class A Acurus RL11 stereo preamps + 200X3 amps for both 2.0 pure analog music and 7.1 movies.
The BD player did all the TrueHD/DTS-HD decoding and sent the 7.1 to the four RL11 via analog cables, and the HDMI went straight from the BD player to the TV. The SACD/DVD-A player did the decoding as well.
There was no need for a HT bypass.
I guess you could do the same thing with the Paraound P7.
But then what would you do with the very awesome flagship (one of the flagship models) Denon AVR4311CI?
I still think you need to just give up that "analog life" as I did.
When I compared the analog preamp measurements vs the AVR measurements in Direct 2.0 mode, I noticed that the AVR measurments actually looked BETTER in many instances. So how could the analog preamp sound better if it does not measure better?
In Direct & especially in Pure Direct mode, all digital circuits are bypassed and you get the same analog circuits for 2.0 music.
Just give up your analog life. It is numbered.