KVM switch and external keyboard without a docking station?

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I want to use a KVM switch with my new Thinkpad T42 2374-3VU (I just ordered it yesterday through my university) so I can use my external PS/2 keyboard and NEC monitor with the Thinkpad here at home (and my Logitech MX700 if possible). However I did not realize until today that there is not a serial port for a keyboard built in. Do I have to buy a docking station with a serial port for the keyboard or can I use a PS/2 to USB converter and connect that to a USB port on the Thinkpad? I've read all about the problems with KVM switches and docking stations on the forum.

The KVM switch I plan to buy is the Trendware TK-210K 2-Port USB and PS/2 KVM Switch with Audio, found at http://www.trendnet.com/products/TK-210K.htm

EDIT: I just discovered the IBM Thinkpad Laptop Keyboard/Mouse PS2 Y Cable, would that be the solution?