Arduino Uno as USB to Serial converter (bypass 328p) I'm trying out computer to computer serial communication using 2 Arduino Unos (both connected to different computers). 
Right now, I use the Software Serial library, which redirects data from the SoftwareSerial ports to the hardware Serial (over USB to the PC).

Is there any way to bypass the 328p chip, and only use the 16U2, which works as a USB to Serial converter? 
Will the circuit in the diagram work? By connecting the GND to RST on both the Unos, the 328p gets disabled, which in theory should all me to directly tap into the serial line of the 16U2.
As per your diagram, ground the reset pin on both Arduinos and connect TX to RX on the one to RX to TX on the other. Alternatively, if your Unos have a socketed 328P, you can remove it.

(This answer summarized from the comments above in order to take it off the "unanswered" list.)