Is it possible to convert AC3/DTS to AAC and preserve 5.1?
Yes, it is possible with Oagmachine/BeSweetGuI. Doom9 has a guide available. However, keep in mind that AC3 and DTS are lossy formats, and any transcoding of these sources will result in a significant reduction of quality. HE-AAC is recommended for 5.1 encodes when a great reduction of size is desired. 5.1 transcoding is also possible using the 3ivx filter suite along with graphedit (AC3->AC3 parser->AC3 filter->3ivx audio encoder->3ivx media muxer->MP4) or foobar2000. For more information on AC3 and DTS transcoding see the respective FAQs.