to get it to work:
1. In windows control panel for windows sounds the default playback device should be "Speakers SB..... "
2. In the creative console launcher (creative control panel) there should be an option "play stereo mix using digital output". Tick that box.
Toslink with SBX effects should now be working. You can test by changing the bass or surround effects while playing something simply like a youtube clip and listening for the difference.
In Foobar2000 you can then set the default output device to be "event... soundblaster optical out" or similar. That means it will bypass windows and soundblaster for music playing in foobar.
Hope it works!