After some research I found out that it would be really hard to connect the KEBA pendant and EMC2 with the provided serial port connection. I'd have to write driver for the pendant and I really do not have the skills for doing that. Instead of learning to write drivers, I just removed the internal electronics of the pendant and mapped the pin out of the keypad. While the pendant was open I also refurbished the MPG wheel (because the tactile feedback was not really working that good).
I was surprised how simple the tactile feedback device was, and it was also really easy to repair. I just repaired the little piece of metal that is making contact with the dented wheel. - Now the MPG wheel is feeling like new again.
Next step is to make connections between the 5i20 board and the pendant and change the two potentiometers of the pendant to rotary switches (axis selection and MPG multiplier selection).