Yes, it is a one wire.
I'd check a few things first.
With the unit powered check the voltage on the pin.
See if it's the full battery voltage or some lower regulated voltage.
With the unit powered off, using regular ohm range (not diode) check the resistance from the + pin to the SYS pin.
In the sleaziest case you can just connect TX from the FTDI to the cathode of a diode, anode to the SYS pin.
Then connect the SYS pin to a 1 k resistor to the RX of the FTDI.
In a cleaner version, you can feed TX to an inverter (either IC or just another transistor) and feed that into a MOSFET (like a 2N7000).
The RX could be handled through a level shifter or just another 2N7000 and an inverter.
I did about the same for the OBD-1 on my Chevy which is a 5 V one wire sort of interface (not CAN bus).