I read your discovery with great interest. Didn't know about the TOSlink connector before.
Now I've been searching the interwebz for a 2-way converter (IN and OUT in one small box, one power adapter) but I can't find one. Your idea is great for just recording. But I would like to have both at hand without 2 of these boxes and 2 power adapters flying around. Anyone found something already?
I need that too... Haven't found anything useful