replicating hvac control signals

I want to replicate the control signals for a heat recovery ventilator. Would it be feasible to use the arduino logic analyzer implementation described here (http://forum.arduino.cc/index.php?topic=52881.0) to analyze the signals from the two signal wires on the hrv controller and then program the arduino to replicate those signals? There are only 3 control states that I'm really interested in. I've read a couple tutorials for replicating IR codes and it seems like a similar process should work. But this is new to me so it would be nice to know if I'm on the right track before investing much in it.

Thanks