I don't understand what your purpose for the need of y connectors. If you have the player SACD/DVD-A combo hooked to your 5.1 analogs, the CDs will also play (as direct analog). The SACD part of your player will play regular CDs. There is no need for further hookups for the CD portion. If you want to hear the CDs with your Outlaw DACS then you would use the digital connection.
I hope this answers your question.