HD-DVD and 2 channel audio

I want to upgrade to a HD-DVD player for it's video quality on my TV, but was wondering if is it possible to use a HD-DVD player and integrate it into a 2-channel system with an external dac? Do current players support 2-channel via optical or coaxial? I assume the standard 2-channel rca analog outs are pretty poor?
Yes, I believe all HD DVD players will output redbook CD's in 2 channel via their digital outs, but you should be aware, access times and scans are not yet up to par with a conventional CD or DVD player. While each generation improves on this, they are still behind.
I have a Toshiba HD-D2 (same as A2), and its only audio outputs are HDMI, 2-channel analog, and Toslink. I use the Toslink connected to a Boston Acoustics AVP7 (same engine as Outlaw 990 and Sherwood Newcastle), and therefore it functions as an external DAC. Through this one Toslink conduit, the Toshiba sends--and the AVP7 decodes--two-channel CD, multi-channel DVD, and multi-channel HD DVD, the latter downsampled as a DTS stream.

I haven't particularly noticed excessive load times when playing CDs, but I wasn't using it that way that much. I don't know if it was my newfound interest in vinyl or what, but I stopped playing audio discs through the Toshiba.

I recently bought an Oppo DV-980H to play CDs and surround SACDs and DVD-As, and I like that player for that purpose very much. It's also a good std. DVD upsampler.
The HD-DVD players will output a 2ch PCM down-mix via the optical digital port.
I have a Toshiba HD-A3 and use the analog stereo left and right out and it sounds great.