I recommend that you buy a receiver that can deal with the new audio formats. Otherwise, the only way to get them are if your receiver can receive multichannel PCM via HDMI (which requires a BD player that can convert to multichannel PCM) or multichannel analog from the player (which, of course, must have multichannel analog outputs for that to be possible).
If you disregard that advice and buy the old receiver anyway, the receiver cannot "back convert" anything that it cannot accept. Any such conversion would have to be done in the player. With some soundtracks, you are likely to end up with 2 channel audio, perhaps Dolby Pro Logic encoded, which could be had via analog connections. In other words, you will have sound from some BD discs that is comparable to what you could have had 20 years ago.
With conventional optical and coaxial digital connections, you cannot get multichannel PCM. You can only send compressed multichannel (like the old DD and dts) and two channel PCM (like a CD).
Since you have a separate power amp now, you might want to buy a receiver that has preamp outputs and then, if needed, you can hook up that power amp for extra power.