I think the only way to do that is to let the player do the decoding and to set the player to stereo LPCM and send it via HDMI. Since your Bel Canto does not have HDMI, you must let the player decode and do the D/A converting and send it analog to your DAC.
As far as BD players, my best experiences are with an Oppo BDP-83 and my current Cambridge Audio 751BD. If you were to get an Oppo BDP-105, you would have the best of most worlds. Great inboard/outboard DAC, superb SACD, CD, DVDA, DVD, BD player, and can be used as a preamp.
Bill