Connect Phantoms to DJ Controller

[ogs]

Your plan would work with the toslink output connected to the optical input of Dialog, but you need to be careful not to overload the AD converter and thus create digital clipping. You'd hear it immediately as this would sound really nasty.
The latency or lag is unavoidable with Phantoms. All input methods, either via Dialog or direct to one of the Phantoms has the same lag unfortunately. Probably a deal-breaker.....