If the ModIO is in a handheld pendant, use a separate RS232 to RS485 converter. If the ModIO is mounted into a CNC controller box then use the ModIO's onboard RS232 to RS485 converter.
If you are putting the ModIO into a handheld pendant as you stated earlier, it would not be very efficient to have the RS232 commms from the computer run up to the ModIO, get converted to RS485 and be sent back down the cable, then to the PLC.
Cheers,
Peter.