I guess I'm now a bit confused but tentatively I'm going to say in theory you shouldn't run into any problems with the general idea/theory of using USB to control the plug-in and SPDIF for audio, that's not to say you won't in practice. Even folks using plain USB with the most common configurations finds their experience varying between different users. The only to know if you have a problem is to try it first.
Honestly the first thing that came to my mind was that you'll have more outs to route to in the plugin with the analog outs than with SPDIF (as a Snow owner myself, that's only a guess), but since I know you mentioned saving those for other hardware, you could look into adding an ADAT interface for more ports/preamps.
I use USB only to control the Virus plug-in and use the analog outs. Using USB for the plug-in and SPDIF for audio works fine on the Ultranova, not sure why it wouldn't on the Virus.
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