Yes, I'm doing all that and more. There is also the Oppo's enhanced stereo analog output that is supposed to be slightly better than multichannel. I have been using that mostly with the the 990 in BYPASS for CDs. The specs on the stereo DAC chip are actually slightly better than the multichannel chip.

I still use the 990 for full multichannel bass management, so everything goes through the 990's extra analog-to-digital-to-analog conversion. The stereo analog can be sent separately to BYPASS on the 990.