Just a note on those coax/toslink adpaters. I have one and it works okay-ish. You must have a audio source, obviously they won't downscale 5.1/7.1 audio to stereo for you.
Also, my unit emits a really irritating high pitch noise whenever the source device (in your case the Bluray player) is on standby or there is no source device plugged in. It's not a major issue and it may just be an issue with my particular unit, but it is annoying.