The RJ45 signals are not square wave either so even if you translated the voltage levels you would have difficulty slicing them accurately. The circuit is designed to run directly from/to the TX/RX pins of a network controller IC without the physical layer present. Some early network cards had these signals brought out to 'D' connectors, from memory, they had 15 pins but I'm going a long way back.
The network controller IC will not work at 1Mb/s, the clock speed is extracted from the data stream so unless it is within the capture range of it's PLL it will not be able to function. The component values in the schematic would also have to be changed. They serve no purpose other than to shape the output of the light detector diode so the pulses look more like they are from a direct connection. At a different speed you would have to adjust the values to maintain the wave shape sent to the controller.
A further problem with more modern (> 1990) network adapters is they need DC across the common wires to let them know they are connected. You would either have to fake the DC (typically 9V) across the RJ45 pins or hardwire the sense pins on the controller to keep it enabled.
I'm not going to it's impossible to do but I doubt you would find it worth the effort.
Brian.