Yes, it would be cool. Unfortunately, the library (RXTX) we're using to do serial communication doesn't support 31250 - and I'm not sure the FTDI drivers do either (though you can modify them on Windows so that what appears to your software to be 38400 is actually talking to the hardware at 31250).
The second suggestion is interesting. I can see why it would be convenient to be able to continue to monitor the serial port as you update your code.
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