S/PDIF to toslink

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It may seem a little strange question to ask, but is it as easy as a resistor and an LED?

I'm wanting to get toslink output available on my car pc, but it currently only has s/pdif. I've seen a few sites saying just a red led and a 100-120ohm r is fine.
 
Not sure if any tom-dick-harry LED can handle that high a frequency, but TOSLINK transmitters are cheap.

Example
G16911B.jpg
 
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