I wouldn't connect the I/O pins directly together like that (pins 1,2, and then RI to pin 7) because if the pins get programmed as an output you'll get a conflict and there's a risk for damage. I'd put series resistors in there, like 4.7K for example (one between 1,2 and one between RI and 7). It's pretty cheap insurance.I swapped the RX/TX lines (for great justice) and also wired 2 of the I/O pins to the 2 left-over inputs I had on the chip that would allow bit-banging. The other two lines on the connector I tied together so that software would be able to detect if the dongle thing is plugged in or not. (And also if a controller is plugged in - if the input line there goes high without the output being set to high, someone is screwing around.)
That way no matter how the I/O port is set up, nothing is harmed. Otherwise it looks good!
Ah, you are making a cart too -- on my devcart I mapped a FT245 chip to memory to get higher throughput, you can use /TIME for that. But what you came up with is a cool application of the FT232 as well.What it's supposed to be, a nice little dumper. Then again, I am working on a little cart that lets you load code into it through that dongle.. might as well add some code that runs from RAM that dumps the cart.
What kind of features are planned for the cart?