Howdy,
I haven not done this with a 369, but have done it with a 469 (Modbus over Ethernet TCP/IP). Works fine.
It is common to retain a hardwired stop (or ESD) in the starter circuit. This is just in case something goes wrong with your Modbus comm link.
GG
"I have not failed. I've just found 10,000 ways that won't work." Thomas Alva Edison (1847-1931)