In that case, definitely keep the B&K receiver. With the parametric equalizer built-in the B&K receiver, you have the equivalent of a separate digital equalizer such as the Behringer Feedback Destroyer.
You never mentioned what speakers you use. If the B&K does not have enough power for them, you might get an external 2-channel amp to drive your main speakers, and use the B&K receiver to drive your center and surround channels. I don't think the Emotiva preamp/processor will make an audible improvement, but that's my opinion.
To use the B&K bass management, you need a SPL meter. Radio Shack sells them. Run through each of the bass test tones and write down the meter readings for each tone. If I remember, it does a test tone at 20, 22, 24, etc. up to 200 Hz. Keep the SPL meter in the same location as you do this. It helps if you have a camera tripod, but you can hand hold it.
Plot the results on graph paper, SPL reading in db (vertical axis) vs. Hz (horizontal axis). You will probably see several peaks and valleys in the response curve. Ignore the valleys and concentrate on the peaks.
Pick the tallest peak and create a notch filter centered on the peak's center frequency. Make the filter as wide as necessary and set the least amplitude (db quieting) needed to flatten the peak. You may have to do this by trial and error until you get right. Use the test tones and SPL meter to see the result of your changes. Then repeat those steps with the next tallest peak. You can filter up to 5 of the worst peaks this way. Many people have only 2 or 3. I would avoid using the equalizer to boost the response of a valley, but you could always try it and see what happens.
After you do this, you may find that the bass doesn't seem as loud as it was, but with the worst peaks flattened out, you have smoother sounding bass over a broader range. Often, people who have one or two large peaks in their bass response, set their bass volume so that they are only hearing those peaks, and not any where else in the bass range. This is the so called "one note bass" that many people describe.