Teletype has 10k pullup resistors. The reason for the powered busboard (ie “backpack”) is that this 10k resistance is too high when adding multiple devices to the chain.
If you are designing a master-capable device I’d suggest pull-ups in the 3k3 to 5k range. Having them switchable would be nice to avoid too many parallel devices (leading to too much current draw on the bus), but in practice I’d say it’s fine so long as there’s not 5+ devices all with their own pullups.
Regarding the TRS jack implementation, the main thing to keep in mind is it’s not a good candidate for ‘hot-swapping’ due to the sequential signal mismatch on plug/unplug, ie. Tip is shorted to ground momentarily, then Ring, then finally arrives at Tip. This could cause corruption of the data line, though the protocol could be updated to gracefully handle this situation.