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I'm thinking using the ethernet port to log into the empeg, then going back out over the empegs one serial port to the device.

Probably a lot more trouble than it's worth. Most other devices want flow control on their serial ports, and the empeg's serial port doesn't like flow control. Also, you'd potentially run into RX/TX reversal issues that mean you'd need to solder a cable special for the job.

You're most likely best off finding and buying one of those USB->Serial converters.
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Tony Fabris