In regard to my question here, I got suggestions such as :
"It should be okay. I've done that for about a year: Separate Video via HDMI straight to TV and Audio to Preamp.
If you want TrueHD/DTS-HD MA you would need your blu-ray player to have internal decoders & 5.1/7.1 analog outputs to your receiver. Otherwise, the Optical/Coaxial digital will give you plain DD or DTS."
"When you're using HDMI, make sure you set up the player not to pass audio via HDMI and you'll be fine."
You guys were right. I took the plunge using HDMI for video and tried multi-channel out and Toslink for audio. Both worked fine. I will worry about Truehd, etc when I am ready for the next receiver.