Connecting external Voice Processor

Hi All, I have purchased a TC Helicon VoiceWorks Plus unit (VW+) to use with Cubase Pro 8.
I am still waiting for delivery but thought I would look at the best way to connect as it does not have a USB port. I have attached a sketch of how I think it should connect as I only have a UR22 (2in 2out) audio interface. I am hoping the way I have sketched will work without the need for me to go for a new interface. Does anyone own this unit or a similar outboard fx unit that can advise me on best set up?
Scenario 1 would have me hooking up as per sketch without the digital link.
I would take a Y connection from one speaker to the line input of the VW+
This I think would allow me to record with the mic connected to the VW+ a dry vocal to Cubase, assuming latency wont be a big issue.
I would then route the dry track to the UR22 output which is linked to a speaker and back into the VW+. I would only route the dry track to this output and the rest of the track to the other output.
I would use the headphone out on the UR22 to monitor the return signal which I would record to a new stereo track.
This in my head sounds like it would work but not sure in practice.

Scenario 2 would be trying to make use of the SPDIF in of the VW+.
My PC has an optical out. I was thinking is it possible within Cubase to route a track to the SPDIF optical output of the PC? If this was possible it would simplify the whole thing although I think I need to change the clock of Cubase to external VW+? I think you can get an optical to coax/rca adaptor reasonably cheap?
Any other suggestions would be very welcome.