Your posts are confusing. Do you want to convert baseband video via an optical link to a digitizer as you state in post #3 or do you want to digitize it and send the digital USB data by optical link as stated in post #1?
Converting composite video to LED and back to composite is relatively easy, you can use linear optocouplers or if you are careful, focussed light or laser beams. Sending USB optically is very difficult. The D+ and D- wires are bi-directional so you can't just convert the voltage to light, you have to do it in two directions and have control circuits to decide which direction is active.
I think you might also have difficulty processing video with an Arduino unless it is an extremely fast one!
Brian.