The logic analyser may help, but for MIDI I would suggest you to install MIDI-OX and monitor it directly on your PC. It's like a Hyperterminal but for MIDI... assuming you have a USB to MIDI or else MIDI interface attached to your PC.

OR some Terminal may read 31250 BAUDs.

Still the issue make no sense, which version of PBP are you using? What if you use 3 HSEROUT?
what if you add

DEFINE HSER_RCSTA 90h

Last thing, are you really sure TXSTA need to be 24?