In my office I use a Benchmark DAC3B and it's 2 Toslink inputs for my TV audio and computer audio. I also stream to this DAC via USB. The 2 Toslink inputs sound excellent. If you want to save some cash look for a used BM DAC2 (under $1k) which sounds like the DAC3B. I have had both.
The Cambridge Audio AXR100 seems to offer 2 Toslink but it also seems like a bit of a noisy unit.
All those conversions you are considering, with a unit likely having a low quality power supply, does not give me confidence that digital nasties (noise, jitter, etc) won't makes it's way into your DAC.
The Cambridge Audio AXR100 seems to offer 2 Toslink but it also seems like a bit of a noisy unit.
All those conversions you are considering, with a unit likely having a low quality power supply, does not give me confidence that digital nasties (noise, jitter, etc) won't makes it's way into your DAC.