Data & asynchronous transmission to use in wireless communications

So what i'm asking:
(a) I need to transmit a manchester coded signal above 200kHz and receive a NRZ signal with half transmit frequency. While it's transmitting or receiving the routines can not be interrupted. Can i do it with the method above (writing/reading directly to ports) or is there a better, more efficient way with a timer?

I forgot to add something: there is possibility of using an external clock synchronized with NRZ signal i want to receice. Decoder is based on PLL and i have those 2 signal available if i want...

Cheers