Welcome to the forum!
Your plan of connecting HDMI outputs from your sources to your TV, and connecting optical outputs from all sources (including the TV) to your receiver will work just fine. The video quality won't be compromised one bit from doing that. The audio quality will be compromised slightly on some material, but probably not noticeably.
I say that about the audio quality because optical audio connections won't transfer the newer audio codecs (such as DTS-HD MA and Dolby TrueHD), as you'll need an HDMI connection to a receiver to get those. However, I'm not sure that I can tell a difference between those audio codecs and the ones that do go over optical (e.g. DTS, Dolby Digital), so IMO it's not worth buying a new receiver just for that.
You probably won't want to run all HDMI to the TV and then only one optical audio connection from the TV to the receiver, but it depends on the TV. Most TVs will downconvert the audio from any HDMI input into two-channel stereo for output through the optical audio output. Some TVs, but the number is small, will allow 5.1 sound from an HDMI source to be output. I'd say check into your TV, but be prepared to make the connections from all sources. The switching between sources will take another click of a remote (unless your remote can do macros), but I think the surround sound is worth it.
Does that answer your questions?