Arthur,
I doubt it. They sell a DVD player, right? It has 5.1 multi-channel output and video. Obviously they don't have an issue with HT/multi-channel or they wouldn't sell an HT source component.
It's rediculous to not provide an HT bypass. The whole point of an HT bypass/processor loop is to allow you to have a fine, dedicated 2-channel audio system and add multi-channel capabilities without affecting the 2-channel performance in any way. Heck, when listening to 2-channel music none of the HT components even need to be powered on in an integrated 2-channel/HT system which is connected through an HT bypass/processor loop.
Lush,
The HT bypass/processor loop isn't really a necessity. It simply makes it a bit easier to calibrate your HT system. You can use any integrated amp (or pre-amp) and simply use any one of the unused line-level inputs for the amplification of your L&R fronts. The only thing the HT bypass does is provide a unity gain link that bypasses the volume control. If you have any specific questions on how to do this, let me know.
Enjoy,
TIC