Can you think of a reason not to?

I think in most situations a two channel amp is going to perform better than a multi channel amp. For one thing, those five channels are most likely sharing the same power supply.

And this is a great opportunity to seek out better sounding amps than the Anthem that are geared more to music listening and not sound effects.

i have lone been an advocate for 2 channel audio for both audio and video.  I believe you are going in the right direction.  If the Anthem amplifiers provide the synergy with the your speakers you like the 2 channel P2 would likely serve better than the 5 channel amp. You might consider keeping 2 of the subs for bass duties as it makes integration with the mains easier. 

@ozzy62 

+1

HT is recorded multichannel so using 2 channels is throwing awaysome good stuff.

Keep your 2 channel system stand alone.  it is the place where true high fidelity sound lives.

For HT I run a preamp level signal to my 2 channel amp from my HT reciever and my 2 channel system functions as the front 2 channels for HT. 

Jerry

Just have 3 seperàte systems (amps) for big stereo, little stereo and surround. Then you can tailor their sound as you wish.

Mho, keep the P5; (front L & R). stack the Paradigms with the Sigs above.

5th channel for the REL 528 sub....

Simple and straightforward 2 chan, play with the locations and spacing to suit your fancy...;)

You’ll never get the best results when combining home theater and two channel into one system. Compromises will be made. It’s up to you to decide which one gets compromised.

Thanks for all the feedback. Maybe a bit more context would help zero in on my point.

My intention is to simplify. The Anthem P5 is 135 lbs so that classifies it as a “BEAST”! It is an awesome sounding piece of equipment but it is 5-channels. I only stream movies and music and two channels would greatly simplify the whole setup. Less wires, fewer speakers, etc. I’m thinking an Anthem P2, a decent preamp, maybe keep the AVM60 or a suitable alternative, and just the one REL R528. I really enjoy the Paradigm Signature S2’s. They sound terrific!

Going back to the amp, the Anthem P2 only weighs in at ~65 lbs making it much easier to manage. I would even consider an almost even trade depending on history and condition.

You might consider the purchase of a 2 channel preamp 1st to use with the 5 channel amp while searching for an amplifier. 

Have you considered using an integrated amplifier as opposed to separates?

Since the amp is the heart of the system and the P2 weighs ~1/2 of the P5, I would have all the power and audio quality I would ever need. I've always preferred separates and quite honestly like the aesthetics of the Anthem product. I guess that makes me a bit of a fan-boy. Also service and parts are readily available and Paradigm actually answers their support telephone.

It sounds as though you’ve answered all of your own questions.

Do you have room for 2 separate systems? My credenza fits my 2 channel tube amp and my tube preamp along with my DAC Oppo player and streamer  In the same credenza I also have my Emotiva XMC-2 AV preamp amp and Bryston 3-channel amp for movies 

I really don't need or want two systems. I also have to keep room for a couple guitar amp heads and a 2x12 cabinet. Oh. and a couple guitars too. lol

My priorities have changed from wanting the best audio system I could afford to the best guitar gear I can afford. Now that I have been in the guitar hobby for 5ish years, I've decided to re evaluate my audio needs and of course affordability.

My desire is simplicity and still keep some sort of 2-channel audio system, hence the desire to sell the P5 for a 2-channel version, the P2. Once the P5 is sold and the P2 is purchased I'll be looking at a 2-channel preamp. Coming from a 5 channel HT with 4 REL subs, it's quite a down-size. As it is, I'm only listening to 2-channel so I know what a 2-channel will sound like. I'm unsure how difficult it will be to sell the P5.

I would guess you'd gain more from a 2 channel preamp than a 2 channel amp. Just guessing.  I'm fond of a tube preamp paired with a solid state amp. 

As mentioned, if you haven't sold your subwoofers, I would keep two of them and run a stereo pair. 

Enjoy what you own...

>>>Once the P5 is sold>>> first things first

then shop for a nice 2-channel amp it's the way to go

I never scaled down to nothing. I have my two channel for serious listening and my muti-channel for movies, all incorporated in the same room. However, the room is very large. And no it doesn't look cluttered.

All great input gentlemen. I do have the P5 advertised and hoping to get a fair price. I've made up my mind to scale down to a 2-channel for casual music listening and movie watching (in 2-channel).

The P5 is just a BEAST at 135lbs and I've already sold the pair of Paradigm Studio 20's that I used for surround and the CC-60 center.

Once the P5 is sold, I've been looking at three 2-channel amps. The Anthem P2 (~80lbs), the McIntosh MC30 (~95lbs). I looked at the Advance Paris A10 but I'm unsure about all the controls hidden under a digital hood. Thinking out loud here, they will all sound awesome without a doubt. The P2 will be identical to what I have now, just so much easier to move around and it's already familiar. The MC30 might be a step up in quality and will always be easy to find parts & service. I'm sure the majority of opinions would favor the MC30 too. When I reach the bridge, it will be matter of cost, which I find a better deal on an excellent specimen pre-owned.

Just one other thing. My home theater is made up of 4 small white speakers and a subwoofer and is completely independent of the two channel gear, they share nothing. Two channel is two large speakers, preamp and power amp.

Although there is a justifiable reason two channel should have its own dedicated room and that is because the home theater speakers and two channel speakers will interact with each other (acting like passive drivers). But by using small home theater speakers this effect is minimalized.