I'll be honest, I opened this thread because my receiver's specs says it has a SNR of 110db and when I read the Oppo's it says it hast > 117db, don't know if this says much about the audio performance.
If your receiver has a signal to noise ratio of 110 dB, then you will have no better than a signal to noise ratio of 110 dB no matter how you hook it up.
110 dB signal to noise ratio is very good, and probably better than it needs to be. It is doubtful if you will ever hear a difference between two components if the only difference is a signal to noise ratio of 110 dB versus 117 dB, though one could artificially create situations in which one would hear a difference (which could be done by putting on a source of unusually low volume content, and turning up the volume control very high until you hear the noise floor of the one with 110 dB, but that will not occur in normal listening at all, and would not work in your particular case, since the receiver would have to be better than the source in this respect to be able to distinguish between the sources with the different signal to noise ratios).
This reminds me of something else, where some people imagine they are getting purer sound sending DSD (from SACDs) to their receiver rather than PCM, when their receiver converts it all to PCM anyway to do the processing for bass management, channel delays, etc.