1. You may need an external 1k pullup resistor between VCC and Clock and between VCC and Data.
2. Are you actually building a converter for a 4704, or a different board from the same family like the pingmaster? If you're using
http://www.tmk-kbd.com/tmk_keyboard/editor/ make sure you're selecting ATMega32u4 or "rev.1"
3. For my pingmaster, when I plug in the converter I have to wait about 10 seconds before the board is detected and ready to use.