Nick_Pyner:
I bet you are not as fast with your fingers as you think you are, and you will never know the difference between 9600 and 38400, let alone 115200. If you have a substantial stream of computer-generated data, you probably would know. I don't think you have a problem with the LEDs, you can always suck it 'n' see. The switch isn't a bad idea but likely to be unnecessary.
Okay, thanks for the feedback. I will try out the software serial and see how it works.
Do you think the regular SoftwareSerial library will work fine, or is one of the other libraries better?
Thanks everyone for the suggestions.