I was searching all over for something like that a while back and couldn't find anything cheaper than like 45 bucks. Ended up making one myself, well it's a little different because I wanted to use a 9V battery to power the lights instead of the receiver power since it was a lot of lights (it's on my car, not a heli).



I did a quick drawing of the circuit (real quick off the top of my head so I hope it's right [:-]):


This assumes the sig pulse is positive (called positive shift?) If it's a negative pulse you'd use neg edge triggered flops and maybe change some other things around a bit, I'd have to work it out to say for sure.