there is only one way to tell.
from the drawing it looks like it only sets 75ohms in the incoming leg of the transformer then goes to ground. it looks like it can just be removed. The transformer is already at 75ohms on it's incoming leg and my output transformer on my CDP is 75ohms sooooo
I didn't read all posts of the Chameleon thread yet so I just bumped onto this one. Although the PE transformer has a 75R input this does not mean that it acts like a resistor.
The best thing is to terminate your SPDIF (or wordclock) signal at both ends. This minimises reflections even when the cable impedance is not exact. If you only terminate the source (the cd player/transport in your case) you increase the chance on reflections and impedance mismatch.