I own a MOTU 896 Original version, and it has 2 kinds of digital input. It
has an optical ADAT input that does not understand spdif signals, and an
AES/EBU input that presumably doesn't understand spdif signals that have been
only impedance matched.

Since the formats are so similar, I thought it would be no problem to find a
converter that would let me take the 24-bit coax spdif output from my VF-1
directly into the AES/EBU input on my 896 (I only need 44.1/48K rates if that
makes any difference).

Nope - the simple Hosa and Behringer products are 16-bit only, and the
cheapest converter I can find that can do the job at 24-bit is the M-Audio Co3
which is nice, but totally overkill with respect to other features I don't
need. Furthermore, it seems overpriced, when a perfectly decent 8-channel
A/D/A - ADAT unit can be had from Behringer with a street price of $230.

Can it really cost almost as much to convert one stereo coax spdif signal to
AES/EBU as it does to convert 8 channels of audio to and from 24-bit ADAT at
what all the reviewers say is pretty decent quality?