The converter boxes aren't cheap. Unless you can find a great deal on one, it would be overkill for your needs.
One solution would be a small mixer with s/pdif out like the Edirol M10DX or M16DX. Both are discontinued, but come up for sale often, like here (though still not cheap):
https://reverb.com/item/3292883-edirol-m-16dx-digital-mixer The M10DX or M10MX sell for about half that but are pretty rare (especially the latter model).
Another option, much less costly, is to install a patch bay. So instead of permanent connections, just easier access for you to patch your ins and outs.