@high-amp I had to consult multiple resources before I figured out how to install optical. It sounds like you're still learning, so I recommend reading that article I linked to earlier in this thread for another take on the topic of getting started with optical.
I forget what you said you use as your current streamer, but you might be interested in trying optical with your current system before committing to the OpticalRendu. And yes, the opticalrendu will eliminate the need for the second converter.
I've been streaming with optical now for about a month (with a non-optical compatible streamer, so I have to convert to optical and back again). Although I felt the difference was big when I first installed it, I'll switch back to sanity check myself at some point and be able to articulate just how big the difference is.