One of the nice things about SERIN2 and SEROUT2 is a 232 is not needed. That is what inverted mode is for. Look in your PBP manual for details for the connection.

You can use a 232 but you will have to change the mode to TRUE.

Hyperterminal..... I do not use it.
I have been using the terminal app that comes with MCS. For this kind of thing it works well.