Sky+ Optical-Out

I have no subscription to any of the movie channels, therefore I lack enthusiasm in receiving a DD 5.1 feed. However, would it be within the realms of possibility in sending a stereo PCM feed through an optical cable which I can then upmix to Dolby Pro Logic II?

 

No worries.
The optical connection handles all the audio from the SKY+ and will of course let your amp (with hopefully a better DAC) handle the conversion and applying further audio processing such as DPLII.
It's a matter of personal opinion if the optical from a SKY+ is worth the extra money compared to an existing twin phono solution from a standard digibox.