Looking through the manual I did not find anything that specifically states that it could not be done. On Pg 48, the is a setting to turn the HDMI audio off, but there is no corresponding setting for the Analog outs. So, I believe you should be good to go! No better way to confirm this than to try it out. I cannot see any harm coming out of it.
Last but not the least, being HDMI 1.2a, it will not pass SACD and DVD-A over HDMI. For these formats you will have to use the Analog Outs.