You could upgrade the 5x1 switch to a 4x2 matrix device which would be considerably more expensive. But understand that you're asking to duplicate the HDMI signal so you have to expect some cost.
Depending on how your source devices work, you might be able to have both HDMI and component active at all times in which case yes, you could just do component through your receiver.
Depending on how your source devices work, you might be able to have both HDMI and component active at all times in which case yes, you could just do component through your receiver.