there's actually many ways to do it.
if it was me, id probably run hdmi direct from stb to display, while having an optical from stb direct to receiver.
hdmi from bluray to receiver, then another hdmi from receiver to display. this way you can access lossless audio.
do not use an optical output from the display itself, whatever you do.
you may, otoh, run hdmi from both units to receiver, and use that to switch sources. you may or may not run into hdcp handshake issues. what is also nice about my first recommendation above is that you can change video settings per source input.
also, you may even compare component connection to hdmi connection from stb to display. people have had varying results.
hope this helps. if you can't understand what i typed, i think you better just start experimenting.
EDIT: I can't read. Old receiver. OK what Adam said. *just don't use optical out from tv*, because YMMV there.