If you have a 100 Ohm signal generator, a 100 Ohm symmetrical line and a 100 Ohm load, it sounds like a well matched system.
If all conditions stay as above, there will be no standing wave on the long line.
Now, 1200 bauds sounds close to 1 kHz which means that the wave length is 300 km. A half wavelength is 150 km, so your 40 km will be no problem if a mismatch caused a standing wave.
Connecting two modems ( loads/generators) directly in parallel will mismatch the line. I would advise to insert a 50-Ohm resistor in each of the four wires from the two modems to junctions with the cable wires.
Then everything depends on modem receiver sensitivity ; the cable is long and introduces a loss, and now you send and receive the signals to/from the line through resistive attenuators.
I will test your idea of parallel-connected modems in a laboratory, with the cable on a spool. This will show you if it works. Also, I do not know how your modems like running in parallel.