This most likely will not work. This splitter well send the same signals to both outputs, in short it will not send just the video to the TV and just the audio to the AVR.
The way HDMI works is each Sink device (that is the TV or Monitor) and each repeater device (that would be the AVR and the splitter) need to send an informational signal called EDID. This EDID tells the source device(s) upstream what signals are compatible with the repeater and/or finial destination. The source device (the Blu-ray in your case) reads only one EDID that it receives and checks all compatible and perferred video and audio formats compares these to what the Blu-ray is able to send and then sets itself up to send the best possible it can. It does not store the EDID for multiple devices, only for one.
In the case of the AVR. The TV will send it's EDID to the AVR. The AVR will read this and establish which videos the TV supports that the AVR also supports. Then the AVR sends a new EDID to the Blu-ray that is the video that both the AVR and TV support and the audio the AVR supports. The Blu-ray does not see a TV and AVR it sees a list of Video and Audio formats. In your case since the AVR does not support 3D (even though the TV does) the new video format list the AVR creates to send to the Blu-ray does not include 3D so the Blu-ray will not send 3D.
When you have a splitter such as the one are asking about, that splitter must act a little like the AVR - it creates an new EDID to send to the Blu-ray. Since both outputs of the splitter are active at the same time (this is not a switched output device) the new EDID can only be the video and audio formats that are supported by both the TV and AVR. The reason for this is to prevent the splitter from sending a signal to one of the end devices that will cause the device to have a problem.
Now in your case your TV most likely supports video in 480i, 480p, 720p, 1080i (all at 60Hz) and 1080p 24Hz and 60Hz and all of the required 3D formats. In audio your TV will support PCM Stereo in 3 sampling rates (this is required) and possibly Dolby Digita 5.1 (this in not required). Your AVR most likely supports all same video formats EXCEPT FOR THE 3D FORMATS and in audio supports the same as the TV plus DTS, Dolby Digital HD, DTS Master HD and maybe others.
The splitter receives these two sets of EDID statements and then creates a new EDID to send to the Blu-ray. That new EDID will be video of 480i, 480p, 720p 1080i 60Hz, 1080p 24Hz and 60Hz, PCM Stereo and Dolby Digit 5.1. Stripped out of the EDID is 3D video formats and the audio formats of DTS, Dolby Digital HD, DTS-Master HD and any other audio becasue the 3D and those audio formats are not supported by both destination devices the TV and AVR.
What you need is HDMI switch device that can isolate one destination at a time and repeat the EDID for that single device when in use. Or just get a Panasonic Blu-ray that has two HDMI outputs that will separate the 3D Video to directly to the TV and audio in a 1.3 format to go to the AVR.