Yes, this looks like it would work, but it is far more common to get something with native 8 channel analog audio output if you need it.
If this is to get 8 channel audio output out of a Blu-ray player in an analog format, then there are many players which will do it.
What specifically are you looking to do?
By the way people: HDMI has no police, nor does HDCP. They can go out and put out keys and revoke keys, and setup unusable items, but don't confuse that with 'police'.
PureLink is on the board of directors for HDCP and is working on changing or setting up the rules which we will all have to live by and hopefully products like this will be allowed. Things like TRUE matrixed HDMI signaling is just coming to the market this year for the first time legally and certified by HDCP/HDMI and is amazing to see a company like PureLink in a position to make it happen the right way.