For the chip, use either FT232BM or FT232AM, the former has replaced
the latter. They can be purchased and sampled for very little from
Saelig--and they wont rip you
off for shipping either! None of the parts are that stringently
specified. The LED's and their corresponding resistors can be left
off if you don't want blinking lights every time.
Soldering the chip on is nontrivial, and requires fine solder or
solder paste, a conical tip and solder braid. The pin-pitch is 35mil.
Chances are, if you've ever done smd soldering you can do it. The
rest of the components are 1206 or larger.
The red electrical tape was necessary to keep the metal case from
shorting to one of the traces on this prototype version, and will
not be necessary in the future (traces have been moved).