Today, I've got a Teensy 2.0 and applied the converter to an old IBM 3270 terminal keyboard (1394312, M-122, no LEDs, RJ-45 connector). I had already created a little LED control PCB, so adding it was a matter of minutes. Absolutely great!
Since my main keyboard is a Unicomp PC/5250 keyboard, I've created a layout that's nearly 100% compatible to that (actually, it handles certain conditions BETTER than the original, which I intend to modify a bit once this replacement keyboard is fully up to the job). Here it is:
ifset set3
# Arakula's config for Terminal Model M (No 1394312, 122 keys, ISO Layout, cable with RJ45 connector)
# This one mimics the Unicomp PC/5250's behavior as closely as possible
###############################################################################
# macros to mimic the PC/5250 set 2 behavior
###############################################################################
# left hand side function keys
macroblock
    macro EXTRA_F2
      PUSH_META CLEAR_META all    # save and clear all metas
      SET_META lctrl
      press 2
      POP_ALL_META
    endmacro
    macro EXTRA_F5
      PUSH_META CLEAR_META all    # save and clear all metas
      SET_META LCTRL
      press PAUSE
      POP_ALL_META
    endmacro
    macro EXTRA_F6
      PUSH_META CLEAR_META all    # save and clear all metas
      SET_META LALT
      press F1
      POP_ALL_META
    endmacro
    macro EXTRA_F7
      PUSH_META CLEAR_META all    # save and clear all metas
      SET_META LCTRL LSHIFT
      press 4
      POP_ALL_META
    endmacro
    macro EXTRA_F8
      PUSH_META CLEAR_META all    # save and clear all metas
      SET_META LCTRL LSHIFT
      press 3
      POP_ALL_META
    endmacro
endblock
# function keys upper row
macroblock
    macro F13
      PUSH_META CLEAR_META all    # save and clear all metas
      SET_META lshift
      press F1
      POP_ALL_META
    endmacro
    macro F14
      PUSH_META CLEAR_META all    # save and clear all metas
      SET_META lshift
      press F2
      POP_ALL_META
    endmacro
    macro F15
      PUSH_META CLEAR_META all    # save and clear all metas
      SET_META lshift
      press F3
      POP_ALL_META
    endmacro
    macro F16
      PUSH_META CLEAR_META all    # save and clear all metas
      SET_META lshift
      press F4
      POP_ALL_META
    endmacro
    macro F17
      PUSH_META CLEAR_META all    # save and clear all metas
      SET_META lshift
      press F5
      POP_ALL_META
    endmacro
    macro F18
      PUSH_META CLEAR_META all    # save and clear all metas
      SET_META lshift
      press F6
      POP_ALL_META
    endmacro
    macro F19
      PUSH_META CLEAR_META all    # save and clear all metas
      SET_META lshift
      press F7
      POP_ALL_META
    endmacro
    macro F20
      PUSH_META CLEAR_META all    # save and clear all metas
      SET_META lshift
      press F8
      POP_ALL_META
    endmacro
    macro F21
      PUSH_META CLEAR_META all    # save and clear all metas
      SET_META lshift
      press F9
      POP_ALL_META
    endmacro
    macro F22
      PUSH_META CLEAR_META all    # save and clear all metas
      SET_META lshift
      press F10
      POP_ALL_META
    endmacro
    macro F23
      PUSH_META CLEAR_META all    # save and clear all metas
      SET_META lshift
      press F11
      POP_ALL_META
    endmacro
    macro F24
      PUSH_META CLEAR_META all    # save and clear all metas
      SET_META lshift
      press F12
      POP_ALL_META
    endmacro
endblock
# cursor block
macroblock
    # This is really for the INSERT key, which has been remapped to the unused key INTERNATIONAL_8
    macro INTERNATIONAL_8
      PUSH_META CLEAR_META all    # save and clear all metas
      SET_META lshift
      press TAB
      POP_ALL_META
    endmacro
    # This is really for the DELETE key, which has been remapped to the unused key INTERNATIONAL_9
    macro INTERNATIONAL_9
      # this one is completely senseless, but Unicomp PC/5250...
      PUSH_META CLEAR_META all    # save and clear all metas
      # must be set separately to get them in precise order
      SET_META lshift
      SET_META lctrl
      POP_ALL_META
    endmacro
endblock
# Numpad
macroblock
    macro SCROLL_LOCK shift
      PRESS NUM_LOCK
    endmacro
endblock
###############################################################################
# key remapping
###############################################################################
remapblock
    # left hand side function keys
    EXTRA_F1	ESC
#	EXTRA_F2	macro: LCtll - 2 - 2 up - LCtrl up
    EXTRA_F3	PRINTSCREEN
    EXTRA_F4	PAUSE
#	EXTRA_F5	macro: LCtrl - Break down - Break up - LCtrl up
#	EXTRA_F6	macro: LAlt - F1 - F1 up - LAlt up
#	EXTRA_F7	macro: LCtrl - LShift - 4 - LShift up - LCtrl up
#	EXTRA_F8	macro: LCtll - LShift - 3 - LShift up - LCtrl up
    EXTRA_F9	LGUI
    EXTRA_F10	APP
    
    # function keys upper row
#	F13         macro: LShift - F1 - F1 up - LShift up
#	F14         macro: LShift - F2 - F2 up - LShift up
#	F15         macro: LShift - F3 - F3 up - LShift up
#	F16         macro: LShift - F4 - F4 up - LShift up
#	F17         macro: LShift - F5 - F5 up - LShift up
#	F18         macro: LShift - F6 - F6 up - LShift up
#	F19         macro: LShift - F7 - F7 up - LShift up
#	F20         macro: LShift - F8 - F8 up - LShift up
#	F21         macro: LShift - F9 - F9 up - LShift up
#	F22         macro: LShift - F10 - F10 up - LShift up
#	F23         macro: LShift - F11 - F11 up - LShift up
#	F24         macro: LShift - F12 - F12 up - LShift up
    # cursor block
    # these 2 mapped to unused keys, which are then treated by macros
    INSERT      INTERNATIONAL_8
    DELETE      INTERNATIONAL_9
    HOME        INSERT
    END         DELETE
    LANG_4      HOME
    
    # Numpad
    ESC         END
    NUM_LOCK    SCROLL_LOCK
    SCROLL_LOCK PAD_SLASH
    EXTRA_SYSRQ	PAD_ASTERIX
    PAD_ASTERIX	PAD_MINUS
    PAD_MINUS	PAD_PLUS
    PAD_PLUS    PAD_ENTER
    
    # #-key
    EUROPE_1	BACKSLASH
endblock
... does the job, including the idiotic key behavior of the Delete key (in the sense of a normal PS/2 keyboard) on the number block.
Pics will follow once I got the final cabling :-)