HDMI 1.4

Few HDMI 1.4 BD player has two HDMI outputs and most processor and receivers are not 1.4 compatible. Would it be possible to use a splitter to run HDMI 1.4 into 3d tv and HDMI 1.4 into an HDMI 1.3 receiver. Would the receiver (1.3) be able to decode the audio portion of the signal even though the output is HDMI 1.4?
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Beware of digital copyright problems on 1.4. There has been reported a real conflict with its implementation.
I use 1.4 on my 1.3 equipment and it works fine.