The modern world of digital logic sits in CPLDs and FPGAs, have fun trying to say they're less logically robust than a micro controller (micro controller physical IO is often more robust to electrical stress however).
Most FPGAs (which is my earlier expertise area, although haven't been doing that for a few years now, so there may be more suitable chips on market now) would be total overkill for the project.
CPLD (or some easy-to-use, small, cheap (less than $50), FPGA not requiring three power supplies, configuration memory chip and 6-layer board) could work very well, and in theory, would be kind of "ideal" solution, with good integration, good robustness and clock tree analysis from the synthesis tool, but the problem is that few of us have the expertise on how to program these. If OP had the required skills, he would already be doing it that way, or would have at least mentioned it. Otherwise, diving into the world of HDLs and logic synthesis is quite a big step.
Today's micros are a lot more than just a CPU. The peripherals are like hard macros on FPGA, and as you should know, the hardest parts on FPGA are complex state machines, communication, configuration, etc.; for that purpose, you almost always synthesize a soft core, or use an FPGA with a hard CPU core. (I was a masochist/purist and did lot of things in logic, avoiding CPUs, but it was not easy nor robust. There are loads of bugs in my old overly complex FPGA projects.)
And trust me, when you design a state machine on FPGA using Verilog or VHDL, you
very easily end up in states that crash the thing. Writing and analyzing everything takes 10-100x more time than writing the similar state machine on a CPU, even when you are experienced in both.
Once I debugged a system crashing into an unexpected state (state register outside of possible range), doing random things, for days. The fault was a missing synchronization register structure in one input, in a totally different place. Can't see that in simulation. It was a awkward mistake, but we make them.
The good visibility of ModelSim was of limited help when the shit hit the fan only on the real FPGA prototype.
So really, unless you want to do very
special or performance demanding things on logic, you don't want to use an FPGA. And there is nothing special in this case. This is literally a
textbook example of a simple MCU project.
74 logic would be a nut job, FPGA would be an overkill (and really requires a lot of expertise!! I know this very well!), MCU is exactly the right tool for the job - an easily configurable and robust cheap little block that can be programmed to read input and toggle output pins, using the input peripherals; for most input schemes, there is an MCU that provides it: be it RS232/RS422/RS485 UART, SPI, I2C, CAN, USB, Ethernet... And it's hardwired and tested to work, no need to synthesize it first :-).
And
any of these solutions can glitch and have bugs (and is susceptible to cosmic rays).
But with an MCU, the lines-of-code figure is most likely the lowest; the expertise of the OP is most likely the highest; and the solution is by far the most supported by the community, which makes getting help (or handing the project out later) easier.
This is a funny discussion, because the thing itself is trivial, you can do it robustly and easily with almost any MCU in one weekend (more time needed for robust mechanical construction, electrical protection, PCB design type of crap that needs to be dealt with regardless of the solution), but the discussion jumps between the two extremes of using an Arduino and thinking about FPGAs and cosmic rays
