Yeah, that does look good Ron. That chip is pretty cheap too, about $4 at Digikey. The only thing I was wondering about is the 1 volt level shift over a 700 foot plus run. If there is no interference, no problem, but if there is, 1 volt may be shaving it a bit thin?
I had a look at some other ideas for an of-the-shelf approach, but they are all pretty much over-kill professional gear. There was a fairly simple unit that was made by Blonder-Tongue ( IIRC ) that did this, it was a bypass switch for inline amps. Basically it was a RF relay in a metal box, when there was 32 VDC on the line one relay pulled in, when there was 60VDC the other realy pulled in circuit. Couldn't find it on their website though, probably been incorparated into the amps now.