I dug a bit deeper, apparently the earlier versions of the RS-232 standard recommended limiting the maximum cable length to 50 feet. Later versions of the standard changed the limit to a maximum capacitance of 2500 picofarads at the receiver (including the capacitance in the reciever). Based on that, single unshielded twisted pair should get you about 133 feet, and shielded twisted pair should get you about 66 feet. (calculations based on formulas presented in the serial port complete book). Those distances should let you do 20k or so for a speed. As always, your individual mileage may vary.
With regards to twisted pair, this book suggests using a pair for a signal and ground. For RS-232 you would put transmit on one wire of the pair, and ground on the other wire of the pair.
Anyway, twisted pair is most likely the way to go to keep the noise out and the signal in. Shielding also helps accomplish this if grounded properly.
Good Luck! It is only my opinion, based on my experience and education...I am always willing to learn, educate me!
Daron J. Wilson, RCDD
daron.wilson@lhmorris.com