I'd use a single multi-protocol interface IC, which can switch between modes as needed but present just one logic level interface to the UART. Something like an SP336.
Or just use two UARTs in your CPU. Going to a larger CPU package is probably still cheaper and smaller than adding external logic.
Some CPUs have pin multiplexing capability, so join your two RXD pins to different physical pins on the CPU, then remap between them in software as needed.