I don't know for sure. But if you can select your USB-PPI cable as a COM port in a simple (or less simple) terminal program such as Hyper terminal, then I guess it should be possible. I think you better try this first. If it works, I think you can use this cable in the same way as a RS232-PPI cable.
I think this should work, because I used to hav an internal modem and I could also control it as if it was a COM port. I wont compare to my USB-RS232 converter, because there the sole purpose is to use it as a COM port.
Good luck and please don't forget to inform us all here about the results. There are others who might use this info.
Kind regards,