I agree with jinjuku, it depends. Having had both an old AVR and using its analog 5.1 input vs. the AVR I have now that has HDMI inputs, I would never want to go back.
The "it depends" IMO really comes down to how the player handles bass management. I am not familiar with your AVR, but it is almost a sure bet that it does NOT have not bass management (or any other digital processing for that matter) for its 5.1 analog input. Therefore, it is up to the player to provide this function. Most new Blu-ray players do provide bass management, but older players do not, or they "appear to have it" but really do not (the Samsung P1400 that I have is a good example of that).
If you decide to go down the analog road, be very sure that you know exactly how the player and your AVR will handle bass management.