If you don’t need 24VAC->5VDC conversion, and you don’t need RTC, then you can get the OpenSprinkler Zone Expansion Board, which requires a minimum of 6 pins (3.3V, GND, and four shift register pins) to interface with Pi.
Would there be any issue tying the ground of a 240 to 5V converter to once side of the 24VAC? I assume they would need to be joined for the triacs to operate?
Yes, one wire from 24VAC transformer is the COM (common) wire, and the other wire should be tied to ground. AC transformer is no-polar, so it doesn’t matter which wire you pick as ground.