You can extract the 6 audio channels from the video, with a bit of fiddling around, but i'm not sure how easy it is to edit, and more importantly
re encode the 5.1 audio from your edited file.
With Premiere CS4 I believe you can get Encore to output the original 5.1 audio, but only if you don't give it
any reason to re-encode the audio -- do that, and it will produce a stereo output.
I've extracted the six audio channels from Panasonic AVCHD footage, but only using Canopus HQ as an intermediate format. The AVCHD2HQ converter application is a freebie from Canopus, but you need the Canopus HQ codec for it to work. Although it's not difficult to find freeware versions of that codec, I don't think it's supposed to be freeware!

You can get a 'legit' version of the codec by downloading the trial version of Edius Neo - which is pretty well regarded as an editing package, but not that well known.
Once you have that, you can set the converter to output your audio as either 5.1, or down mixed to stereo. It outputs in the easy to edit .wav format.
If you really want to find out what is actually on all 6 tracks, you can import the Canopus HQ file into the free program Virtualdub, select the audio only output, save as wav, and import that 6 channel audio waveform into the free audio editor Audacity.
It will then be presented as six ready to edit waveforms.
How you re encode that to Blu ray compliant 5.1 AC3, I have no idea I'm afraid!
As I say, a lot of fidding about doing it this way, and probably not worth the effort . 5.1 audio recorded from a cluster of mics, all together on the top of the camera, is only really going to give you hint of what surround audio can be like, and is really no more than a gimmic. Get your audio downmixed as stereo, and then edit.
There may be easier ways to 'get at' the 5.1 audio in detail - perhaps someone else can suggest a simpler alternative, although the responses to your query haven't been that numerous so far!