I have decoded the 7201 setup: http://pastebin.com/6eRL5kU5

It resets the 7201 a lot and it even touches synchronous modes for a while which is not supported by the z80dart but settles as follows:

Code
 - CLOCK BIT: 00
 * :upd7201:chaB 00 <- 18  Channel Reset command (011b)
 * :upd7201:chbB 04 <- 4d  Odd Parity enabled, Async mode 2 stop bits, 16x clock
 * :upd7201:chbB 03 <- 41  Receiver enabled, 7 bit 
 * :upd7201:chbB 05 <- 28  Transmitter enabled, 7 bit, DTR inactive
 * :upd7201:chbB 01 <- 15  Interrupt on received character, Ext Status, status affect vector
 * :upd7201:chbB 02 <- 00  No DMA, Non vectored interrupts D4 D3 D2, p10=RTSB
 
 * :upd7201:chaA 00 <- 18  Channel Reset command (011b)
 * :upd7201:chaA 02 <- 10  Interrupt vector
 * :upd7201:chaA 04 <- 45  Odd Parity enabled, Async mode 1 stop bit, 16x clock rate
 * :upd7201:chaA 03 <- 41  Receiver enabled, 7 bit 
 * :upd7201:chaA 05 <- 28  Transmitter enabled, 7 bit, DTR inactive
 * :upd7201:chaA 01 <- 10  Interrupt on received character

ff to COMM.CONTROL REGISTER 

 * :upd7201:chaA 00 <- 01

As you can see it expects 7 bit communications with odd parity enabled on both channels but only 1 stop bit on channel A, so try that. Handshakes should hookup RTSB and this is already done in the rainbow driver. I didn't try the terminal, what does your command line look like?

Because I can