AV Processor and Blu Ray Question

I hope this is not a stupid question, but I have been curious for some time and just afraid to ask. Is it absolutely imperative to have a AV Processor that decodes True Dolby HD and HD-Master Audio, if you have a Blu Ray that decodes internally and connect it to you Processor through the EXT IN (external in jacks)? Can it be an either/or situation or must you have the high end processor with new codecs along with the blu ray? Essentially I would like to have an Anthem AV Pro, but cannot afford (used or otherwise) an AVM 50v or a D2v. Though I was wondering if I could get the great quality of an Anthem maybe in an AVM 30, connect it with possibly an Oppo BDP83, HDMI plug and play to my Monitor and have Oppo process True Dolby/HD-MA internally and send to AVM 30's EXT IN? Would I or could I expect the same quality of sound that route, opposed to finding a Processor a little closer to my budget that does decode True Dolby/HD-MA, let's say like an Integra DHC9.9 or DHC 80.1 or 40.1? Thanks in advance for any direction, suggestions, or opinions.