I could be wrong (and anyone else please feel free to comment!) but I think if there's no UART to set (as there is with a serial-to-usb converter) as the teensy's documentation implies, baud doesn't matter. What does the ttyACM0 section of your kplex.conf look like? Try stopping kplex running as a daemon, then starting it manually form the command line, i.e.:
kplex -d3 file:
This should set up some basic debugging (-d3) and specify the command line as another interface ("file:") so you'll see anything coming into the multiplexer