Does the Yamaha have pre amp outputs for all the channels? Is your setup 7.2? Does the Yamaha provide 7 channel amplification? Are you doing this just to get the NAD to do the amplification?
I am doing exactly this except with a NAD T763 as power amp and denon x4300h as receiver. My setup is 7.2.4 and denon only has 9 channels for amp and not 11. So I removed the external jumpers on the nad (the connects the preamp outputs to power amp in (main in), and connected the LCR SL SR to the NAD and the rest of the channels are powered by denon.
I did audyssey calibration and it works great. One thing to consider, i wired it to main in so that the volume control on nad is bypassed. Can you do the same kind of wiring on your 754? Compare the sound of Yamaha only and Yamaha and nad. What speakers are you using?
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