Yes, as the receiver will process the protected video through HDMI and it's accepted. The other way won't happen, hence the need for the older player that does is needed.
The only hope you have to accomplish this is to get your hands on an old Oppo player or Zenith DVB 318 off of Craig's list or Ebay. Those were the only players that would allow you to upscale to 1080i via component.