Ahh! This is sweet. I finally got it working (I had the polarity switched of the signal \ ground wire coming from the transmitter...)
I am using FMS and I can now take off and land (about 15 minutes of practise hehe). Next time I should be able to hover for atleast 15 seconds in the real world...
I literally built this link cable with parts around the house... May post pics later (I have a S VIdeo cable going into a breakout box which i've broken and soldered wires to from a old null-modem cable... very weird setup!)
Thanks guys!