It looks relatively simple, maybe not trivial. I think the biggest challenge would be generating a bit clock for the ADC and syncing this to a word clock input, as the AL1401 bit clock is an internal signal. If you want to do a ADC-DAC pair, you could use the ADAT input as the clock source, configure the AL1403 in master mode, and hook up the signals like inferred in the bottom of the application schematic. I think for 96 kHz, you still run the word clock at 48 kHz and the left and right signals lose their meaning - the left one is the earlier conversion, the right is the later one - you get only four channels per lightpipe connection instead of eight.