Would this be a good job for the Viking Electronics
DLE-300?
It emulates a CO with a pair of POTS lines, so you can call from port
to port on it. It emulates all of the correct tones and CPC, both
modems think they are on POTS lines. Makes it very easy to connect a
pair of modems back-to-back, and fwiw it supports data to 112,500.
You can pick up a cheap Chinese analog 8 port PBX on ePay for about $60. It will create
dial tone, ring, etc. and allow you to call from "extension" to
"extension" so you can even dial in and get a handshake tone. The only issue is
that I don't believe they can be daisy chained so eight ports is your max and there is
no way to connect one site to another (short of running very long wires).
-Ali