I don't have the knowledge to develop it but what I am looking for is a DAC for a video game console. Its purpose would be to use any standard headphone plugged into the DAC. The DAC would have SPDIF input from the console/PC, allow for Microphone input as well. Some existing gaming headsets handle the headset input/output through the same cable but for the individual adding their own headphones and their own mic, having seperate ports would also be beneficial. The DAC would also require a USB connection so that the console can recognize and allow for Dolby output to it. Look at the Astro Mixamp for an example of something already in place. I want to explore the DIY side and have an EQ built in so that the sound profile can be end user adjusted.
A quick google search of "gaming headset DAC" should yield commercially available examples. Would love to work with you guys in any capacity to develop the idea and product further.