USB-TTL Converter (CI-V)

[wyphy]

Working up a USB to serial TTL converter project for control of a device, an Icom CI-V converter to be exact.
I'm getting an Icom IC-7000 in a week or so and want to be able to computer control the functions.

Couple of reference pages :
http://ok1zia.nagano.cz/wiki/CI-V_interface
http://www.plicht.de/ekki/civ/civ-sch2.html

Working off the reference pages, I came up with a circuit based on the FTDI FT232R chip in the attached photo.
The only real difference from the first reference is the TXD and RXD lines connected directly together at the chip side rather than isolated, as in with the MAX232 design in the second reference.
Question is, will this cause an issue for the FT232?
The MAX232 seems to not have a issue there, but different chip, different source signals (USB vs. RS232).

Thanks much for your opinions and suggestions.

Background on CI-V, if you're interested :
http://www.plicht.de/ekki/civ/civ-p1.html

--Edit--
I realised after posting that I'd left out the filtering coil and cap for the output.
It's late and I've since corrected it.

[kingofkya]

Should be fine that how you generally test the chip, using it as a loop back device anyways.