Mike anytime you take a digital signal and output it to your speakers that is for all intents and purposes s"DAC WORK", we are not talking about an actual DAC device here. But we are saying that the digital signal received by your receiver is now being Outputed to your speakers in analog form. This is the purest way to output from a computer to your 7.1 receiver/pre amp IMO. An original digital signal straight from the source. Assuming you're outputting from the receiver to traditional analog speakers .
Your idea to use two separate HDMI cable's, one for audio, and one for video although a really nice idea , in my opinion is overkill for an average consumer that just wants some 7.1 audio from his PC. I have never experienced audio lag, and I only see that happening if you have some software glitches in the operating system or you are pushing uncompressed 4K video with Dolby atmos 32 channel audio

and/or you are a mega rich audiophile! Lol other than that, I like your ideas.