Will this model split 1 coaxial to one optical and one coaxial?

There are two different models entered as different "colors." (I hate when vendors do this!) One has two analog outputs (RCA and 3.5 mm), the other two digital outputs (optical and coaxial). Both models have two digital inputs, one optical and one coaxial. The all-digital model has an input selector switch. I don't know what would happen if you connected both inputs on the analog model, which appears to lack this switch. Anyway, in both models it appears that both outputs are active simultaneously, no matter which input is used. So the answer to your question (which is about the all-digital model) appears to be YES.

Is there any lag when using this converter? Even a small amount?

I'm using this from a Line 6 Variax guitar plugged into an HD500 (using the Variax port) out the S/PDIF port to this convertor box and out optical to an audio interface. Can't detect any latency difference between headphones directly in the HD500 or the audio interface's direct monitoring.

how long can you leave it on?

I bought this converter a few months ago to use for connecting an HDTV to an old analog stereo receiver for better quality audio instead of the horrible audio from the built in TV speakers. We leave it on 24/7 watching movies from the hard drive on our PC, Netflix, Amazon movies and for our DVD player. When we leave the house we always put a movie on and set our media player to loop so it stays on as long as we are gone IT HAS NEVER BEEN TURNED OFF.. IT HAS WORKED FLAWLESSLY AND SEEMS TO BE THE BEST DEVICE FOR THE PRICE I HAVE EVER PURCHASED..

ASIN	B01N32C5GT
Best Sellers Rank	#77,396 in Electronics ( See Top 100 in Electronics ) #162 in Digital-Analog Converters #260 in Signal Converters
Brand	ROOFULL
Date First Available	January 10, 2017
Interface Type	Coaxial
Is Discontinued By Manufacturer	No
Item Weight	3.53 ounces
Item model number	RF2017039
Manufacturer	ROOFULL
Material	fiber
Maximum Supply Voltage	5 Volts
Minimum Supply Voltage	5 Volts (DC)
Mounting Type	Coaxial
Number of Channels	2
Number of Pins	2
Product Dimensions	2.36"L x 2.09"W

ROOFULL Optical to Coaxial OR Coax to Optical Digital Audio Converter, Bi-Directional Digital SPDIF Toslink Optical to/from Coaxial Digital Audio Signal Adapter/Repeater by ROOFULL

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