There's a funny little thing that can happen when you build yourself a module to do the conversion (if you're so inclined). A co-worker of mine has seen this when he used a modbus (RS232) module in a SLC.
In order to transfer data to/from the CPU, you're going to have to use M-file transfers across the backplane. Well, the communication link was working fine for this guy. But, the M-File transfers were taking too long to update the data across the backplane at the baud rate he was using. I'm not sure what the solution was, but I think it involved scaling back the amount of data transfered to include only what he REALLY needed.
Lesson learned: you're marginally better off looking for an in-line converter.
AK