William Reusch notes in his Virtual Textbook of Organic Chemistry that the reaction of ethyne with I2 is slow, giving trans-1,2-diiodoethene which apparently does not react further with I2. See http://www.cem.msu.edu/~reusch/VirtualText/addyne1.htm#add1. That's all I've been able to find out about this reaction so far. In an aqueous environment we would expect to form the enol trans-2-iodoethen-1-ol which should tautomerize to 2-iodoethanal (iodoacetaldehyde).
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