Would only suggest using the Pi's HDMI output to an "HDMI audio extractor", feeding out toslink/spdif to something else, and avoid having the Pi DAC involved wi

Would only suggest using the Pi's HDMI output to an "HDMI audio extractor", feeding out toslink/spdif to something else, and avoid having the Pi DAC involved with it's 3.5mm output. Keep the signal digital across the cheap components until it gets to a high quality DAC that feeds the speakers.