Sorry about the lost message ...here's another try:
In addition to the optical input the Behringer has AES/EBU digital inputs/outputs. These should work with an XLR to RCA adapator for coaxial in/out. Yes, I think you should be able to use it. Note however that the Behringer will do some sample rate conversion (SRC). Overall I am not sure whether more jitter will be introduced by the Behringer (even probable).
As for the DAC after the Behringer: You can use the digital out (optical or XLR) to connect to a DAC and do the DA conversion in a higher quality DAC. As mentioned above, I am not sure whether there will be some SRC step in addition to the digital DEQ that might have negative effects.
As I mainly listen to analog, I hardly use the DEQ, but I was surprised how well it worked when running it into a Lavry DAC. Also I keep it around to do room measurements, integrate the subwoofer better, etc...
Overall a good component at a very reasonable price.
Hope this helps.
Rene