I'm going to suspect that since your TV cannot accept multi-channel audio input but rather only accepts 2.0 channel input, that the HDMI pass-through from the Realiser will present a problem.
Another possible outcome is that the HDTV at the end of the pass-through HDMI path may tell the BluRay player that it can only accept 2.0 audio. And that could cause the player to deliver only 2.0 stereo to the Realiser, since that's all the end-device can accept. Again, a problem obviously since you want multi-channel going from the player to the Realiser.
Without the HDTV connected the Realiser tells the BluRay player that it can accept multi-channel audio via HDMI, so the player will feed the Realiser proper multi-channel audio. However the Realiser does nothing for the HDMI output except pass through whatever it receives. But you're not using your TV for sound (hopefully), so this might not be an issue.
Also, I had a problem with the Realiser being incompatible with three different Oppo players (83, 93 and 103) so that it would not pass through audio/video at all. It worked with other manufacturer BluRay players, but not with any Oppo.
So... you might consider a not-too-expensive AVR as one of your additional costs for the whole Realiser project. I think you may find its A/V-switching capability to be much appreciated down the road.
I went with an Oppo BDP-103 (not cheap, but excellent) when I bought my HDMI-capable Realiser, primarily because it has TWO HDMI OUTPUTS and can run in "A/V Split" mode where video-only goes out HDMI-1 (where there is QDEO video processor circuitry for optimizing video) and audio-only goes out HDMI-2.
Also, the 103 has two external HDMI inputs (e.g. from DVR or other HDMI sources), and supports decoding to LPCM of the multi-channel audio from these external HDMI sources. So output decoded LPCM audio goes via HDMI-2 to the Realiser's HDMI inputs from all your external HDMI input sources into the 103, as well as for playing BluRay movies on the 103. Since no AVR decodes multi-channel to LPCM for feeding the Realiser's HDMI input, this use of the Oppo player to decode EVERYTHING to LPCM (both BluRay movies as well as external HDMI input sources) means you can then use the Realiser's HDMI input for everything you want to watch/listen, and never have to use the Realiser's analog inputs (e.g. the preamp outputs from an AVR, if you had to do multi-channel audio decoding in the AVR for delivery to the Realiser) .
The 103 puts out the decoded LPCM audio via HDMI-2 to the Realiser, while the video is sent out via HDMI-1 (either through an AVR and on to your HDTV, or directly to the HDTV if you have no AVR).
Another advantage of the 103 is that it has an "audio/video sync control" that allows for an adjustment of +/- 100ms between the audio output and video output, which may or may not ever be needed depending on your particular individual source/program/movie situation. Default is at 0, but any given playback situation from any source/program/movie may require a temporary adjustment to overcome some "lip sync" symptom, and this control is invaluable. Note that the Realiser has no such control, if the pass-through situation works but you see a lip-sync problem. Another advantage of having a player like the 103.
Edited by dsperber - 7/26/13 at 2:19pm