Thank you for the suggestions. I have tried both of them and still no luck.
I'm looking at my signal converter right now, and I'm seeing some echo on the RX line from the command transmitted to the slave. The converter I'm using is supposed to mute the RX line while the master transmits, but it's obviously not working. I'm working on the hardware solution to this issue now.
What I still don't understand is that the original NI MODBUS VIs appear to ignore the echo and capture the slave response without an issue. Anything else, including modpoll and modscan command line interfaces, all seem to key on the echo as part of the slave response.
Here is the NI MODBUS proof-of-concept. This has worked for me at 300 baud every time, even with the echo characters.