Thanks for the feedback and the schematic. I knew this would be a learning experience going in, and it certainly has been.
I generally suggest that if working at 5 volts, 74HC logic is good up to around 8 MHz if there aren't more than three gates worth of propagation delay involved. Beyond that, 74AC logic or a PLD should be used. 74AC logic is generally three to five times faster than the same device in 74HC logic. Also take note that CMOS logic of any type slows down at reduced voltages.
It's a good idea to avoid mixing 74LS logic with CMOS hardware. Most CMOS devices recognize a minimum of
Vcc × 0.8 volts as a valid high level, which output level cannot be attained by most 74LS devices. If you find yourself having to use a 74LS device to drive CMOS logic use the 74ACT and 74HCT families, which have TTL-compatible inputs. Be sure to carefully read data sheets to find out if other CMOS devices such as UARTs can recognize TTL levels as valid. Otherwise, you will likely end up with a DOA circuit or one that is unreliable.