Oh, you don't clock /OE. Clocking is a latch or flip-flop function. /OE you would say is strobed, selected, enabled, something like that.

If TXSEL1/2 come from a selector, then they are exclusive, and the only fault that can occur is the selector chip gets exploded or those pins get shorted somehow. That should be pretty uncommon.
It sounds like the right way to do things. Back in the days of parallel buses on PCs, they had a number of strobe signals, indicating which data type and direction (address, data, read, write, IO, memory..) was being transferred. Several of these lines would be strobed, in turn, as data travels back and forth on the bus. Bus contention results from reading from an address where two devices reside. Both respond with their data, at the same time, but give different values, thus shorting some out and giving weird numbers. I doubt anyone's computers HCF'd when devices were poorly configured, like this. (Probably the first thing to happen would be a parity error, which the CPU traps, and jumps into an infinite loop until reset by the user.)
*Hault and Catch Fire, i.e., a command to the CPU that causes bad things to happen.

Tim