There are a couple of other alternatives, since HDCD is on the redbook CD layer. You can get an outboard DAC which decodes HDCD and feed the digital output of your player to that device which will in turn feed a separate input on your pre-amp. I have a Marantz SACD/CD player which I run directly to my BAT preamp via analog interconnects. But I also run the digital out to an Assemblage DAC which decodes HDCD. When that HDCD indicator light is on, I switch to the pre-amp input to which the DAC is connected. Considering the quality of the Assemblage, I feel it's a great solution (it may have a better CD DAC section than the Marantz).
In a separate home theater system, my processor decodes HDCD which is also a way to accomplish the same outcome. I run a universal player's digital input and when HDCD is present, it automatically decodes it as part of the DAC process.