There's a very helpful thread over at tivocommunity about this stuff. I'll ask a few questions that I remember from when I was doing this stuff with my 212.
Do you have DHCP enabled for the serial->PPP connection? (NO is the correct answer.)
Do you have bash on serial enabled on the 312? (Again, looking for NO).
Do you have a serial connection for changing channels on a DTV receiver (NO)?
Have you tried a lower speed setting?
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