Yes you can do that if you don't mind switching.
And, to avoid having to switch when you don't feel like it, get a Wadia or Levinson DAC (and there might be a couple others). They both have volume control, AND they both have RCA and XLR outputs THAT CAN BE USED SIMULTANEOUSLY. So you hook the DAC's RCA outputs up to your processor and when you don't want to (can't?) get out of your chair, you just listen to CDs through the processor. Also makes it fun to A-B a CD with its vinyl brother.
And, to avoid having to switch when you don't feel like it, get a Wadia or Levinson DAC (and there might be a couple others). They both have volume control, AND they both have RCA and XLR outputs THAT CAN BE USED SIMULTANEOUSLY. So you hook the DAC's RCA outputs up to your processor and when you don't want to (can't?) get out of your chair, you just listen to CDs through the processor. Also makes it fun to A-B a CD with its vinyl brother.