That's a nice inexpensive solution. Unfortunately, on this job, my client likes PNP sourcing signals. They find it easier to troubleshoot when you can just measure a signal to ground.
PNP type +ve logic signals are almost universal in 24v control systems because unintentional short circuits are expected and the most likely short circuit (to ground) produces a safer off rather than on condition.
Expected short circuits also rule out crappy darlington driver chips (NPN or PNP) which would be destroyed instantly and their high saturation voltage makes them useless for high current applications.
I already pointed you at the ITS711, digikey have stock of its slightly more capable brother the ITS724 which provides 4 x 70mOhm 3.3A drivers for $4 10 off. There isn't a cheaper way of doing it unless you significantly reduce the output current requirement.
Inputs are easier and not with MC1489s which take more power than the processor in that example, have 30v abs max input rating, and would cook with 4 24v signals on them.