That's what I did to may aging Yamaha receiver,
it doesn't have any built in Dolby Decoder then (14 years old)
but has the 6 channel analog output, so I paired it with my aging
Denon AVD2000 Dolby Digital Decoder, it worked well with those Dolby Digital Tracks,
but doesn't have the capability to decode the DTS track of the new DVDs and BD titles,
so what I did was bought the Panasonic DMP-BD80, the older version of the unit that you are planning to get,
luckily, the AVD2000 has a 6 channel analog input, wherein I plugged the 6 channel analog output
of the BD80, now I am enjoying the DTS track encoded in most BD titles, it may downcoded to 5.1
but I really don't mind, its better SQ compared from the sound coming out of the TV (stereo) only,..
Just be sure that the AVR has an 6 channel analog input that can connect to the 6 channel analog out of the BD player, then you set to go...