@joeamiraglia That is exactly what I have running now on a test point and it does work.
@MattFox Your solution would work, but as @CraigWeb said, charting and displaying the data proved to be a little more difficult.
I'm hoping to avoid re-programming my sensor units to pre-parse the data (I'm using custom make microcontrollers). That would make them less flexible if I add/remove/change sensors.
I originally assumed I'd just need a parsed value to determine if it's moist or dry. Since then, I noticed the history chart was very useful. Since we're tracking soil moisture in a pot, displaying the values in a chart compared to sunlight, temperature, humidity, etc. is proving a lot more useful that I expected.
It would be nice if the modbus datapoint (or others) were able to call a global script instead of just the multiplier/added function. That would be the bees knees.
I'm not entirely sure the direction I will go, but I'm leaning to biting the bullet and using the two points per solution just to get the future flexibility to chart and trigger events.