Might be worth giving the Waxwing a look. While the usb is only for power, there is both toslink and coax out. Also has a slew of other features including ‘magic’ which helps clean up pops and light scratches.
Isnʻt that what the PS Audio NuWave Phono Converter does? They are out there on the used market for around $500. A simple entry to the experiment. Probably your best option but not sure how the converter deals with the RIAA curve. The fancy route is a trans impedance phono stage by ChannelD Lino C 3.3 using its ability to remove the RIAA curve and send the signal to a Lynx Hilo AD converter (used in studios) and the restore the RIAA curve using Pure Vinyl software on your computer. Mytek made an A/D converter but when I tried to buy it, they mysteriously couldnʻt ship it but held onto my money until I called my CC company.
I have the NuWave Phono Converter. It’s “interpretation” of the RIAA curve either analog or digital output is very good.
I have used both the XLR and the I2S output of the NuWave Converter and the sounds is very good from either, and hard to tell one from the other to be honest.