I'm using the inverter because the circuit is providing TTL logic and I wanted to keep the transmission process clear. (i.e. not generating problems with edge triggering issues, etc) Is it completely unecessary to do this?
I think I've cleared up the direction issue. And MSEFET I just grabbed from the library to illustrate - I was using a standard mosfet, but after more head scratching, found that I didn't really need it.
Here's my latest schematic - let me know if anything can be improved.