AV Processor and Blu Ray Question

I hope this is not a stupid question, but I have been curious for some time and just afraid to ask. Is it absolutely imperative to have a AV Processor that decodes True Dolby HD and HD-Master Audio, if you have a Blu Ray that decodes internally and connect it to you Processor through the EXT IN (external in jacks)? Can it be an either/or situation or must you have the high end processor with new codecs along with the blu ray? Essentially I would like to have an Anthem AV Pro, but cannot afford (used or otherwise) an AVM 50v or a D2v. Though I was wondering if I could get the great quality of an Anthem maybe in an AVM 30, connect it with possibly an Oppo BDP83, HDMI plug and play to my Monitor and have Oppo process True Dolby/HD-MA internally and send to AVM 30's EXT IN? Would I or could I expect the same quality of sound that route, opposed to finding a Processor a little closer to my budget that does decode True Dolby/HD-MA, let's say like an Integra DHC9.9 or DHC 80.1 or 40.1? Thanks in advance for any direction, suggestions, or opinions.
In general, it is either/or. Decode in player or decode in processor. The only issue is whether the processor can do any of its post-processing, such as bass/channel management, with the analog connection. I do not know whether the AVM30 can or not.

The AVM 30 does allow bass management through the analoque inputs. It is a great processor and an unbeatable deal at the prices it sells for used. It would work very well with the Oppo player and especially the SE version since the improvements were in the analoque outputs.
Anthem products are well built and well thought out (plus it looks good!)
I don't think it will equal the D2 but it shouldn't considering the price difference but it's still excellent.
I do think it will come within a hair of the AVM 50.
There is a review on Soundstage of the AVM 30.
You will be completely satisfied w/ the oppo handling the decoding/processing of hidef soundtracks via the analog outs. The unit also has a dedicated set of L/R cd outputs for stereo only as well as the usual digi and hdmi outs. It covers all bases and covers them well. A steal of a deal considering performance/versatility. It really should and could cost more if the truth be known.