USB-serial conversion would add a measurable amount of latency, and the access to USB hardware would occur under a non-real-time OS. Whether the setup "works" would be highly hardware-specific. There are modern industrial "PC" boards that are essentially a i586 implementation in a SoC and can run these workloads far more reliably, while consuming a lot less power compared to old x86 hardware. (They're also of interest to retrocomputing enthusiasts, for largely the same reasons.)