@cheeg
hi, i was in your same position many years back but not with Cambridge products. i search everywhere even at DIY forums but to no avail. The HDMI to coax/optical converter doesn't work in our case because it ONLY WORK FOR consumer video players that output HDMI standard signals (video & audio) protocol.
Audiophile products are just using the HDMI connectors out of convenience to stream DSD signals, definitely not the same signals from common household bluray player. There isn't a agreed standard between various manufacturers regarding the pin configuration within the HDMI connector too.
you need to look for a DAC that accept DSD signals through HDMI connector that corresponds to Cambridge HDMI pin configuration, otherwise you are stuck with using a Cambridge DAC,
in addition, even if you manage to find a converter that work with your USB input, IMHO, i think it isn't that worthwhile since the additional conversion would cause more jitters , plus additional digital cable & its connections would totally degrade your DSD signals.
l'm sorry that maybe hard to accept.
-phil