Thanks for the replies.
@Greynomad:
The pulse width appears to be 1000us in one position and 2000us in the other. I tested this with a servo first hooked up to a different channel like the rudder output on the receiver and moved the stick in both directions and noted the movement of the servo.
Then hooked the servo to the 5th channel/toggle switch, both positions of the toggle switch corresponded to the extreme positions of the stick from the rudder channel. The servo movement was the same for both of those channels.
I hooked up my old DC wide band vacuum tube oscilloscope and noticed the width of the pulse when toggled, was halved or doubled.
I did call Horizon (makers of my Spektrum Tx and Rx) and got nowhere. They said it was 'proprietary information'... 
I have some Arduino Reciever code I may try with serial.print command to possibly give me a screen readout as well.
I was reading up on a few things; possibly using a PWM discriminator to differentiate the 2 different pulses coming in using some type of logic. Wondering if I could use a PIC for this?
@Jantje:
That's pretty neat using the transistor 
I don't mind that much having the Tx on though. I guess I could have it off then turn it on when I need it. Think it only takes a few seconds to link up with the receiver.
How do you control the transistor to turn on the receiver? By turning on the Tx?
I guess I kind of wanted to keep this part out of the code/keep it completely independent from the Arduino.