There are more problems doing it this way.
1)Most receivers don't apply their x-over to the m/c inputs, so you would have to be certain the player has the option.
2)While the player may have a x-over option, it may be a fixed point. Or, it may not offer the point you need.
3)The sound level, and LFE, are greatly reduced when using analog outputs for the new formats.
4)So now you either need the receiver to have dB adjustments for the m/c inputs, or you need the player to have them.
5)Now you have just bypassed any auto calibration and PEQ your receiver may have, so you must recalibrate levels just for the player.
IT'S JUST BETTER TO GET A RECEIVER THAT DECODES THE NEW FORMATS VIA HDMI.
OR NOT WORY ABOUT THE FORMATS, AND ACCEPT THE DOWNGRADED DD/DTS.
HDMI can go to the tv, and optical(toslink), or digital coax can go to the receiver. The audio will be DD, or DTS, but will get you along just fine if a new receiver is not what you want at the moment.