This is a little project I will develop:

I hoped I could hack a current radio system for this purpose, but no RC system offers currently a transparent 2 way telemetry with high rates.
purpose/advantage:
- only one radio media and one interface to command the multi and for various telemetry&navigation purposes.
- compatible with any radio using a ppm sum stream
- can be used as a bluetooth proxy to have a full range navigation solution with a smartphone/tablet
- once developed, the MSP proxy should be stable and able to support future messages without the need to re code it
- the resulting module could be inserted as a JR/Futaba radio module or like a frsky radio hack (including bluetooth dongle)
I will start with a mega board for a prototype because I need 2 hardware UART for this project and I know well this proc.
EDIT 2013 - 04 - 22
Some updates on this project.
1) I didn't manage to get a good bidirectional connection with 3DR modules, whatever the conf on both side.
- even if the air speed is something like 56k, the real usable baud is much less
- there is some latency
I have a working code for mega board as mentioned in the first for those you want to test it with another air techno
2) following dramida advice, I get some HK OLRS RX modules based on arduino 328p + 433Mhz RFM22B modem.
http://www.hobbyking.com/hobbyking/stor ... duct=27096
I scratched my head and built 2 codes from scratch after many hours of test and spec reading:
one to use this module as a TX device
The PPM output of a radio (turnigy 9x in this case) is used to power a BEC in order to have 5V output + PPM signal.
-- even if the HK module spec can support up to 15V, it won't support a 12.4V for a long time (I fried a module) that's why I use a BEC --
The module converts PPM stream and send at 50Hz MSP_SET_RAW_RC signals toward the other RX module with the FC board.
The module can send and receive other MSP message via its UART interface. (optional)
So this UART interface is used in the photo with a bluetooth module (for smartphone apps)
one to use this module as a RX device
The module is just connected to a free UART port of a mega board.
-- note it is important to not supply 5V to the FTDI connectors (I fried a module like this). Instead the 5V should go to the servo PIN --
No more conventional RX receiver
This is for the moment a total success

With an air speed of 57.6k (the same speed as OLRS), I managed to have a very fluent GUI communication: ok with at least multiwiiconf, EOSBandi wingui and ezio app over bluetooth.
The communication is tuned to allow more downlink bandwidth because MSP is more hungry in downlink.
The code is for the moment based on a fix frequency but could be adapted later to support hopping.
The expected range should be the same as original OLRS code, ie something like 1 or 2km with stock antennas.
So some beta testers with a pair of RX OLRS modules are needed !