Okay, after some messing around I've sort of gotten it working... sort of.
Under the Simulation section of the Parameter settings for the hair object or its cap, ensure Generate PR Hairs and Preview PR Hairs are toggled to on. I believe this create a hair figure in Daz from the strand based hair. This hair is still not visible for me in Otoy until I increase the Viewport Line Tessellation Sides value to 2 or higher; this value can be found under the Line Tessellation section settings for the hair object. The hair figure gains more hairs, the higher this value, however this also appears to be quite resource intensive. If you set it too high, Daz will probably stop responding and then crash. I found that a setting of 2 was generally too low, allowing the character's scalp to be visible through the hair,.
The strand base hair has new surface settings that don't translate to the material settings in Octane.
This is about as far as I have gotten so far.
Windows 10 Pro 64bit, i7-8700 3.2 GHz, 64GB RAM
1 x RTX 2080ti (Primary)
1 x GTX 1080ti (Rendering)