I did some further testing, and I decided to check a few things. After removing the software, and just loading MS drivers for the device, when using SPDIF-Out, the device only exposes 48KHz. I suspect the device will only do that, unless they open it up in the upcoming Command update. (Which I doubt) I am quite sad, since I bought the G6 expecting to use it as a dedicated Virtualizer.
But all is not so dismal...
I invested in a Crosshair VIII Hero mobo from Asus, which includes their Sonic Studio III software suite, which is capable of doing 7.1 VRR. (Getting it config'd for Windows Games is another concern.) One nice feature of the software is that you can enable it on other audio devices, and not just the Realtek device on the motherboard. So I attached my M300 DAC via USB, and connected the SS III software to it. viola! I also have licenses for Dolby Access / DTS:X for Windows 10, and can experiment with all three solutions. I also understand that I can get the SBX software as a stand alone from Creative for $30.
There's also HeSuVi, but I have an aversion for that software.
From my tests with 5.1 audio tracks that abuse panning across Left - Center- Right channels, like say Metallica's "Enter Sandman" DVD-A version, I can get a "proper" 5.1 effect with the Sonic Studio III. It's also 3 AM, so I should pick up on this in the morning. The nice thing with SS III is that it works with higher resolution audio without resampling, much like SBX, so I am leaning towards this as my solution. Dolby/DTS:X forces 16/48, which is fine for movies and gaming, but will resample my 24/96 audio.
It's also nice to see the Hi-Res Audio logo pop up on the DAC's display finally.