Can an Apple TV 2 be operated without HDMI plugged in?

Question

(This question is related in goal, but not method.)

Shortly after launch, I bought the new Apple TV. A few months later, my girlfriend and I broke up and the HDTV went with her. Apple TV returned to his box, never to be seen or heard from again. I know, terrible!

I've been pondering how I could send tunes to the stereo in my office without running a 20ft cable to my headphones jack, since all the error noises would be pretty disruptive and whatnot. Then I remembered, Apple TV has a Toslink port.

I think that using this, this and this, I should be able to just AirPlay from iTunes. I'm worried, though, that the set-top box might be a bit offended that I don't plan on giving it an HDMI buddy.

Has anyone done this before?