Query about Flying Cow 24 Bit spdif to analog converter

I am considering a better monitoring environment for my existing equipment. In short my plan is to add a Presonus HP60 headphone amp, Mackie Big Knob, Avantone Mix cubes, and the Flying Cow 24 bit spdif to analog converter. Here is my reasoning; I would like to be able to use the 8 analog outputs on my Steinberg MR816x for input into the auxillary inputs on the HP60. This will allow me to use the full potential of my studio cues from the control room mixer. I would like to use the spdif output on the MR816x to go into the Flying Cow to convert the spdif to analog. This will go into the Mackie Big Knob which will allow switching between my existing Yamaha HS8 monitors, the Avantone MIx Cubes and a cd player.

My questions to the group is whether anyone has used or is using the Flying Cow 24-Bit in a manner I plan to implement. If yes, then what has been your experience with the unit. Is the conversion true enough for monitoring or should I consider another option.