It looks OK to me (except the Next which is orphan! Needs the variable to increase), but sure only testing will prove this.

A couple of improovments:

Since the chip you intent to use has UART why not use the HSEROUT command instead SEROUT2?

Like this

HSEROUT [bytevar str\4]

Also I don't quite understand why do you use the

byteVar[channel] = adcVar[channel] /4

If you want to convert the 10-bit ADC result just type this:

byteVar[channel] = adcVar[channel] >>2

and the 10-bit result will be converted to 8-bit.

Even better use the DEFINE to set ADC to 8 bits.

So it might be like that:

main:
' read all channels of the accelerometer:
for channel = 0 to 3 ' read the two accelerometers from pin 0 - 3
ADCIN channel, bytevar[channel]
pause 1
next channel

' send results out the serial port:
Hserout [byteVar str\4]
GoTo main

Ioannis