Well I have had some success already, so full connectivity looks promising. Just connected the transmit cable from the chatboard and I am recieving the "AT" command, which from what I have read, will need to have "OK" sent back at it.
The 3V signal from the chatboard is obviously being read OK by the arduino which is good beacause I didn't want to stuff around to boost it up to 5V. I am cautious about just hooking up the transmit line directly to the chatboard though so I'll have to use a resistor divider or zener. Will keep posted...
Wiring for the chatboard is as follows:
Pin 1 = 3V3
Pin 2 = TX
Pin 3 = GND
Pin 4 = RX
Pin 5 = 3V3