Also in case you were wondering, you should also probably use the blu-ray player built into the hub for movies since the optical audio cable doesn't support a lot audio formats your surround system might support natively.

It won't. All you need is this. 
Also, I'm pretty sure we have the same sound system.

" If I understand correctly, no. You can set the PS3 to output sound through the optical cable while still getting video through HDMI.  But that's only if I understand correctly. "

nintendoeats nailed it by giving you the answer.  
But if you want the answer again: No, it won't conflict with HDMI

Yeah you understand correctly. Well any suggestions?

If I understand correctly, no. You can set the PS3 to output sound through the optical cable while still getting video through HDMI.
 
But that's only if I understand correctly.

Around the Christmas season, I decided to purchase a surround system.(LG) and I hooked it up and it sounds great. The 'HUB' is also a blu-ray player and I have my 360 running through the component part(so it works through SS). For me to switch it over and for it to work, my blu-ray player must be on and I have to switch to AUX, etc. naturally. The problem im running into is this. The Blu-ray player is running off HDMI and so is my PS3(I have 2 HDMI ports on my TV). I have been suggested to buy an optical cable and run it from the PS3 to the Blu-ray and switch it that way. Would that conflict with the HDMI?