Hi,
I'm not sure I understand your full situation but I was interested in the topic as well. So are you looking to go out of your PS3 as your source? And you are needing to send the surround sound to something, yet still retain a stereo signal for your TV or headphone amp?
It sounds like what you may want is a Surround Sound Receiver of some sort.You'd want something to decode your surround sound and send it to your speakers but that also had a dedicated stereo out that you could send to your TV or headphone amp. I think most receivers would accommodate this. If you look at this example, it has your speaker connections on the right and on the left you can see a VCR/DVR out which you could use to feed into your headphone amp or TV or whatever.

If you don't have or need the surround speakers, then you could probably find a simpler decoder I'm sure.
As for down-mixing to stereo...well most Dolby Files are encoded with a mix for stereo out if needed. I don't know if your PS3 is using this or just down-mixing it by itself but I've made a few Surround sound mixes for my job and my experience is that the AC3 file already has instructions for stereo output for the player to use with it's analog stereo out if it has one (almost all do).
Of course if your source is Music and it's likely that it's already in stereo, you can just use the LEFT Front and RIGHT front channels from any decoder and that should pass on the stereo signal fine, no downmix needed. That is of course unless your decoder is in Pro Logic mode which upmixes your stereo source to surround.
Edited by jaeming - 5/26/11 at 10:17pm