2011 Macbook air have Optical out?

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No, it is not stated on te specification, if it does, Apple would have stated it like the MBPs.

 

Sadly no, but maybe if we could get a hdmi port with optical out it may work from the display port?

 

I use a minidisplayport to HDMI adapter with my MBA. That has a long HDMI lead connected to it, with my TV on the other end. My TV has an optical out that I've connected to my 5.1 amp/speaker setup.

There are a few USB devices with optical out, but latency may be an issue with them.