...when using optical out, is the sound card just sending unprocessed bits to the receiver for processing or is the card doing some work?
If you set up the Sound for Bitstream, then it is just sending Raw Unprocessed Digital Bitstream to the Receiver, which then decodes/process the sound.
If you set up the Sound for PCM or some kind of internal decoded DD/DTS, then the card is doing all the work.
If your receiver is receiving the signal as "DIGITAL", then it is most likely a bitstream.
If your receiver is getting an "ANALOG" signal, then the card is most likely doing all the work and decoding the sound.
So just make sure you are bitstreaming. Then the card does not matter.