1. Your current receiver already accepts lossless codec bitstreams, right? You don't even need the player to do it then. I mean, you could do it either way really. But at least you get the logos on your receiver when it's doing the decoding, so at least "you'll know".
Yes it does accept bitstream but the current player im using for blu rays (PS3) does not sent bitstream as I have the older fat version. Only the slim will send bitstream.
2. That's a trick question, because you could do it either way with either combination. And FWIW, most "video processing" is usually of the bad kind. DNR, EE, 3:2, whatever. The only video processors worth adding to certain (super expensive) systems cost a lot, and require expensive measuring tools to use, with a learning curve on the software. This is what you basically want to happen: Just send the info direct from bluray to receiver and display directly. If your display can handle 24p, then you need to enable that of course in player and TV. Pana is usually defaulted to "light" for black level, and that's the one to stick to; most all of the defaults are fine, just know about 24p, and you're pretty much good to go with Pana players.