yes that could do it, depends on the cycle time etc...
not many things are dual edge triggered, i doubt if the parallel port is if thats what your using but then ive never used it this way.
maybe you have a pulse output capability on your micro depends how fast you wish togo, but you probably have time to do it in software.
the data must be valid from the clock edge - setup time and mustnt change till the clock edge + hold time.
otherwise the latch may contain garbage.
theres several issues with comunications wich can get quite complicated mostly to do with error detection and error recovery etc, retrying missing packets ...
ive had to repair many such implementations becuase they assumed things wouldnt go wrong and then got hung up when a char got lost or something.
this sort of thing has been done so many times it might be worth trying to find something someone else has already got working and adapt it to your needs.
Colin =^.^=