I would think you could build a finite state machine in TTL logic running off the bit and word clocks to do this.
It'd be easier implement it in a CPLD but I doubt you have the resources to accomplish this. You'd need to learn VHDL or some kind of hardware programming language and you'd need a CPLD programmer.
In either case you'd have a 24-bit serial-in-to-parallel-out shift register (3 * 8-bit TTL registers in series) and a 24-bit parallel-in-to-serial-out shift register. You'd clock the data into the first register bit-by-bit until you'd accumulated 24 bits, then parallel shift them into the output register (triggered by the word clock), rearranging the bit order and sorting out the sign bit. This would be hardwired. You might need an intermediate holding register or 2 (pipelining) causing the output to lag the input by 2 or even 3 word clocks. The bit and word clocks would control the serial shifting and parallel shifting respectively, synch would be automatic.
It's a long time since I did this kind of thing in discrete logic, so I don't remember exactly what kinds of registers are available in TTL, but as a general rule, there are enough different flavours to implement anything you can imagine.
Is that enough for you to figure out what I mean, or do I need to be more explicit?
w
Edited by wakibaki - 2/12/12 at 7:15pm