Instead of a 5x1 splitter, have you considered a 5x2 splitter? I definitely wouldn't recommend chaining two splitters together, and with a 5x2 splitter you could watch any of the inputs on the TV or through the receiver. They are pricey, but I think it would work well in your situation.
Here's one for you to read about
:
http://www.octavainc.com/HDMI%20swit...2_toslink.html