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Modification 1
In four speaker mode the signal for rear channel speakers flows from EMU through one pin in SPDIF format ! It flows to IO marked U9 on SB Live! Value (CT8910DAS) to pin 8. This IO is SPDIF receiver and decodes SPDIF signal to I2S format for D/A converter of rear channel - marked U4 on SB Live! Value (UA1330A - Philips
So you can cut this signal between EMU chip and U9 (I lifted up that pin8 from solder on the board, or you can cut wire on PCB). It frees up the SPDIF input of U9 (pin 8).
The next step is connect SPDIFO0 from your SB Live! to this input. On SB Live! Value the SPDIFO0 signal is present on SPDIF_EXT connector pin 1. Connect this output to pin8 of CT8910DAS.

Chip pins numbering
14 13 12 11 10 9 8
| | | | | | |
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| CT8910DAS |
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| | | | | | |
1 2 3 4 5 6 7
Then select Digital Out 1 in APS master controls strip and you can heeeeeaaaar !!!!!!!!!
You can use this modification with SB Live! drivers too if you don`t need four speaker mode. In this case there is another master channel on rear audio connector. But much less noisy !!!
Modification 2
If you want to use Analog Out choice for master channel and keep Digital Out for transfer to another equipment (i.e. external effects etc.):
Don`t use procedure behind !
The principle is similar. You must redirect the two signals from EMU chip to UDA1330 DA converter. The signals are LRCLK and SDATA. First lift up pins 2 and 3 of IO CT8910DAS (or cut wires on PCB) and then connect pin 9 from EMU chip with pin 3 UDA1330 and pin 11 from EMU to pin 2 UA1330 (You can solder wires on two resistors R63, R64 - both signals feeds through these resistors. On the UDA1330 side you can use two pads close to chip).
That is all !!
Now you can use Analog Out 1&2 choice and hear sound from rear channel conector on SB Live!
You can use this connection with SB Live! drivers too, but from rear channel you will hear very distortion sound. Front channel will play normal.