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SRF05 with common in/out pin

I'm trying to get the PICAXE-28x1 to work with the SRF05 usnig a common input and output pin. The reason is I want to conserve my input and output pins. I've seen discussions on this site about it, but I don't know if anyone ever succeded.

Since the 28x1 allows you to reconfigure digital inputs as digital outputs, I figured it should be possible to use "Mode 2" of the SRF05 with a commmon single input and output.

Here's the code I tried. I also tried some varations the timing, as noted.  No luck so far.