That sounds similar to what I did with my first custom Soarer's converter. The issue I had with my first custom Soarer's converter was it did not reliably work with an IBM Model M keyboard or with an active USB to PS/2 converter in series with Soarer's converter. So, my second Soarer's converter had the optional pull up resistors that Soarer mentions in his documentation where you put extra 1K Ohm resistors between Clock and +5V and between Data and +5V. I used a Teensy++ 2.0 for extra macro memory on a perf board with traces made with wire glue between conductors on the perforations for the extra resistors. Wire glue is a black, I think carbon-based, substance, so no soldering was required.