[gr8fl4porsche]

The simplest way to hook up modern components is to use the TV as a monitor and everything else feeds into the receiver. HDMI makes this easy. But you will not have that option on your older receiver.

To allow your Bluray player to feed surround sound I would run everything component cable and digital audio (Toslink) if available.

I doubt you could tell the diff between component cables and HDMI on your TV. Maybe, but probably not.

Is the Bluray player a multi-media device capable of internet streaming and wireless connection? Or are you inferring your cable box is capable?

Bottom line - wires are better.