At first thought, back to back buffers seems the way to go. Further thought says the input of one needs to tri-state the output of the other. Even further says that just won't work. I was going to post a small mass of gates necessary to make this work, then decided by the time I go through with all of that, the circuit would be quite large.
Luckily enough, this circuit will not need to be used very often, so I can skip populating those pieces on the boards that won't need it. That being the case, I'm leaning towards two possible solutions.
1) A small processor, like a PIC 12F series, with interrupt-on-change capability. It may introduce a minor delay in the signal, but if coded correctly, the delay should be constant. I would have complete control over both sides of the bus, and although I probably wouldn't have Schmitt trigger inputs, the output signals would have sharp edges again. With oscillator and support components, the circuit should be less than $2. Board space should be around 0.5" square, even less if I use both sides of the board (the oscillator will be larger than the processor ;-) ).
2) A small PLD or the like with a setup similar to the above. I don't know if they make PLDs as small (or as cheap) as the PIC mentioned above, but it's worth a shot to look for one. I would need to purchase more programming equipment (that stinks), but there is potential for the unit to be really cheap (only potential, as the cheapest PIC is $0.55!).
I hope you guys don't think I'm being to picky about this stuff. I just want to make sure this circuit works the first time around and do it as inexpensively and in as small a space as possible.