"Can anyone recommend a solution for connecting these two signals please?"
I suggest using our RS232 transceivers; these devices have part numbers, starting with "TRS3"
"We thought we could use a 7407 OC but then we would have several inputs unused; so I was hoping that someone could recommend a best practice solution they have used. As usual cost is a factor. Thanks in advance for any suggestions."
The 7407 has potential, but does not have high ESD protection ratings.