The analogue bypass of the SH-AC500D is not limited by the 24/96 resolution of the digital channels. The problem is that SACD/DVD-A players rarely have a volume control and the bypass of the SH-AC500D is merely that and lacks a volume control, as well. So, how will you control volume?
OTOH, I run the output of the SH-AC500D (for DTS/DD) through the bypass of my MCH preamp and use the active MCH inputs for SACD and DVD-A.
OTOH, I run the output of the SH-AC500D (for DTS/DD) through the bypass of my MCH preamp and use the active MCH inputs for SACD and DVD-A.