I think I would try something like this first. For some reason, I could just be paranoid, but I feel like using a splitter with multiple S/Pdif connections would be problematic. This would convert your CDP to optical and avoid all of that.

http://www.amazon.com/C2G-40018-Coaxial-Optical-Converter/dp/B0002J2MV4/ref=sr_1_2?ie=UTF8&qid=1365052965&sr=8-2&keywords=optical+to+coaxial+digital+audio+converter

I might have something like that already in my parts box.  I need to check.  I was trying to avoid that with the thought that it couldn't possibly be good for the SQ considering the trouble I'm going through to take USB to the DAC.   Damn digital is a PITA!

What constitutes a good computer setup in this case?

So the suggestions include adding a coax-to-optical device to complement the usb-to-coax device.

Or a vague audio quality issue with a splitter. If the resultant impedance mismatch is bad enough it will be woefully obvious, luckily there's quite a bit of fiddle room which makes such failure unlikely.

I suppose there's always the option of acquiring a digital audio switcher. But before you go too far down the rabbit hole I'd like to reiterate the possibility of getting rid of all ancillary equipment.

The CDP is just a convenience.  Sometimes I just grab a CD spin it.  As long as there is room in my rig area I like the idea of keeping it available.

Thanks for all the ideas.  It all gives me something to think about.  At this point I plan to try a splitter, I've got a couple on the way to try.