Regarding digital audio out from HDMI. Yes, you can do it, but it takes some work, and right now I can't see getting anything better than 24bit/48 kHz, 8 channel.
What you do is go 1080p HDMI 1.4 to 3G SDI and then use a digital audio 3G SDI de-embedder. You get four sets of AES3 digital audio.
Now, SDI does not support HDCP, and almost all HDMI to SDI converters will not work with HDCP. Except this one:
https://www.hdtvsupply.com/hdmi-to-hd-sdi-converter.html. If you have an HDMI 1.4 1080p "audio only" HDMI output on your source device, you're golden. You can always use an HDFury AVRKey to split a 4k HDMI 2.0 signal into 4k video HDMI 2.0 and 1080p HDMI 1.4 audio. (I think it is discontinued, but they have alternatives). Then you get one of these babies:
https://www.blackmagicdesign.com/products/miniconverters/techspecs/W-CONM-22. It will give you either 8 channels of AES3 digital audio over four balanced lines, or 4 channels of balanced analog audio. DIP switches select operating mode and which "bank" of 4 channels (out of the 16 that SDI can carry) that you want.
A couple of caveats: SDI only carries 48 kHz audio up to 24 bit resolution (though up to 16 channels). HDMI to SDI converters won't work with HDCP (except the HDTV Supply model above), and must have LPCM audio. So, decoding in the source. No DSD for you, I'm afraid.
Personally, I have never found 48 kHz sampling rates a limitation at playback (they can be at recording if you have high-level content close to 20k, like cymbals, with poor analog filtering), thought purists might disagree and also balk at sample rate conversion from 44.1 kHz.
The attached photos shows how I have done this, in a home theatre setup. The processing photo shows the interesting stuff: HDMI into a miniDSP nanoAVR HD for bass management, then to a nanoAVR DL for Dirac Live! room correction and digital volume control, then to the aforementioned HDMI to SDI converter, then to the SDI digital AUDIO de-embedder, and on to the rest of the racked equipment. This is all on the 1U shelf at the top of the rack just below the power conditioner for the rack. A five port ethernet switch completes the processing shelf.
The rest of the rack has a Lucid ADA 8824 AD/DA used just as an 8 channel DAC, Crown XLS 1502 amp for the fronts, two Crown XLS 1002 amps for four surround speakers, and an Outlaw Audio M-2200 amp (arguably the best of the lot) for the center channel speaker. I will be the first to admit that the left and right main speakers deserve a better amp (and probably DAC as well). Digital volume control is fine, if one uses it only sparingly, and one has a DAC with a fair number of bits of resolution (the 8824 doesn't really, but has VCA stages that could be controlled via MIDI, and I am considering this).
I am considering the Essense 2 channel DAC for left and right signals, after Dirac Live! room correction, and feeding through the HDMI to a third nanoAVR HDA for surround, center, and LFE processing, eliminating the need for HDMI to SDI conversion, digital audio de-embedding, and the use of the Lucid ADA 8824 DAC. Though, I admit, getting 48 kHz 24 bit digital 8 channel LPCM out of HDMI is cool. Next up would be a better left and right channel amp.