I finally completed hardware redesign of my printer and reached the point when I had an opportunity to work on TFT connectivity.
I was able to make TFT70 work with Ultratronics Pro using only serial TX/RX and power pins. I have not tested all the functions, but the main ones like homing, XYZ movements and heating extruder work and TFT shows that it is connected to Mendel printer.
Initially I also had Reset pin connected to mainboard's reset, but that caused some unexpected behavior described below.
I feed Raspberry Pi and TFT70 from 5V 14A power supply and Ultratronics from a separate 12V power supply. I added on/off switch to TFT and was hoping that it can be powered on even when the mainboard is off (not sure why I may need it, but I just wanted it that way :) ). That was not the case with Reset pin connected.
With reset pin connected, TFT would power up, but the screen would stay off and light up only when the mainboard gets power. That was resolved by removing reset wire.
I have a separate reset button for the mainboard and without reset wire connected, TFT's reset button affects only TFT.
Other issue that I had initially was conflict between Ultratronics' USB port connected to Octoprint and serial port connected to TFT70. They were fighting to each other (with TFT usually winning) but that was resolved after setting BLUETOOTH_SERIAL to 2 and moving wires from TFT to the secondary serial pins (RX - D19, TX - D18 on Ultratronics).
I yet need to test all different commands TFT can generate but overall glad to report that everything works fine on 1.x firmware version.
Thanks