Should be fine, do you have some high value resistors as well I am using two 1M resistors but you can probably use anything down to about 10K ?
I put up a short intro to the RCArduino multiplexer here - its crazy simple, just a diode for each channel and a large value resistor to dissipate the charge that gets trapped between the diodes and the input pin if it has nowhere to go, the resistor give it somewhere to go without upsetting anything else.
I need to update the picture to include the resistor, but the circuit is basically as simple as it gets -
I moved the first test system onto a strip board Arduino which is going in a car tomorrow - its running on the bench next to me at the moment - I don't want to say anything more about it or it will curse my road testing tomorrow.
What make and model are your transmitter and receiver so that I can include the channel order in the library documentation ?
Duane.