Upfront, not a user of the Soundblaster, but looking at some reviews and product data, it does look like the software will decoded any 5.1 and output that to the optical port. Another module may need to be downloaded from Creative. I'm not completely certain, but nearly all DVD players can be software configured to output anything to optical than comes out it's analog stage.
Here's an alternate idea allowing the use of both your Soundblaster Z and Mimby, Assuming the card does not output the same signal to optical and the L/R analog. Utilize the two analog inputs on the LSR305s connecting one to your sound card and the other to your Mimby (Z 2CH>LSR 305 BAL and Z TOS Link>Mimby>Magni>LSR 305 1/4 jack). You may need to configure the software to output into 2CH PCM so surround mixes come out properly for Mimby. When gaming and using the Soundblaster Z's analog out, shut off power to the Schiit stack to prevent noise the TOS Link to mimby should isolate the PC from the chain once power is off, but if there's going to be a grounding issues, you'll get some hum and no it won't work. Somewhat complicated and messy, but food for thought.