hi,
well, I have programmed an aplication for Bill Acceptor in which there is a pulse protocol used at the same baud speed as indicated by you.
In short, I do not use delay via register`s loop, because in the real program I have enabled some interrupts and as result, they are called time to time and make the time of delay very inaccurate.
The main method I preffer, is usage of the timer and its ISR for such purpose. When start condition is detected, I disable EA, initialize variables (bits` counter, timer reload value), then run timer and unblock interrupts. Now it is the timer`s work to receive bits at correct time intervals.
Nevertheless, if you have not so hard tasks then it should work with simple registers` DJNZs.
Good days!