I did it
The player will make less of an audible impact than the receiver/amp. However, since you are aiming at a HT ultimately, the technology for audio and video there is advancing rapidly. If you take years to move beyond the receiver purchase to the multiple speakers and display, your receiver will be somewhat outdated by then. The same can be said for the player (Blu-Ray and HD-DVD on the horizon).
So, there is no easy answer. Depends on your time scale.