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I must admit, that was one of my thoughts, which is why I wrote:80ft for a null modem cable !!! ...are you serious..
Running at a low speed, say 300bps, it may work OK, but without knowing the application, that may not be appropriate and RS232/485 converters would be a good way to go, and he could use the twin twisted cable no problem.If you are intending to run this link at higher speeds (9600bps or greater) you may have problems with reliable data transfer.
So if ground is not needed which is probably good to prevent ground loops is line line held low as a reference while the other sends the data?