I like your other posts, but that's one I have to dispute!
It would work, but it is a terrible idea in practice.
A 1489 line receiver has a minimum input threshold of only around a volt and with trivial current at that; they will generally work at TTL logic levels.
The noise immunity using those would be nonexistent in a real industrial environment.
A properly designed 24V input interface has a fairly high threshold voltage and with enough input load to require a definite current above some threshold before the input is seen as "high".
eg. A Siemens S7-1200 PLC input needs 15V & 2.5mA minimum to switch on, and switches off at around 5V & 1mA.
And for a suitable output device, look at an MIC5891 - that's an 8 x high side driver suitable for 24V systems.
Open collector or ground-switched outputs vary from being frowned on to being downright illegal in some contexts as wiring fault is more likely to activate a device rather than be detected or blow a fuse.