Going with one digital cable is a helluv a lot cheaper than six analog cables, unless the DVD's DAC is far superior to the receiver's DAC which is unlikely. Plus, the Onkyo DV-CP701 doesn't have a six-channel out, according to the pic on their website.

As a side note, the Monstercable website has fairly cool (and colorful) hookup diagrams when you feel like you're in the dark about such things.

Good luck with all the cables and the switching, and the playing, and the watching.