I think you'll find the noise introduced by the SB Live's resampling every bit as noisy as the analogue noise; when I set Soundforge to record at 44khz via the SPDIF in I only got about a -77db noise floor which was no better than the analogue in. This dropped to -90.3 for 48k, but is still far from being a 'true' digital in...
However, a bigger problem than the noise floor is that the SB Live doesn't sync to the incoming SPDIF signal either, it just 'freewheels'. Any recordings I did through the SB Live's SPDIF were full of Clicks and Pops and so were unusable. I think you'd do best sticking to the analogue in, or buying a decent pro audio card rather than a gaming card. It seems a shame to spend a lot on a top-of-the-range pro synth module then use it via a consumer-toy-gaming card; investing in a decent pro-audio card would be money well spent.
I just upgraded from an SB Live to a Midiman Delta 66 and it's like having cotton wool removed from your ears; I could never go back to the Live for any serious audio work.
Happy recording,
Pete