If you are referring to that which we know as the "Token Ring" that is generally compatible with IEEE 802.5, it uses differential Manchester encoding at around 4Mbps. A DS80C320 isn't going to do that in software and it's UART emits NRZ, not Manchester. On the other hand, if you are going to use a Token Ring controller, it would be the device that implements the 1-bit delay, wouldn't it?