The answer is yes (with a cautionary no).
There is nothing much special about the 232 board, you access the ports in the same way you do all 232 communication. You should be able to read and write on the ports independently. BEWARE however, as windows 95 has very poor serial routines. If you use the on board 232 ports it will freeze your ENTIRE program until the send command is finished. This may also interfere with your ability to read/write simultaniuously on this board. Upgrade to 98 release 2 if at all possible.