Hi,
I tried the same and basically downloaded software which makes the RC look like a game paddle. However, I couldn't get it working properly and someone pointed me to this site:-
which explains how to set FMS up and has a special section on configuring the helicopter stick. I got rid of the game paddle emulation program and everything works OK. My software and FMS config settings are:- Windows XP Home SP2, COM1 port, FMS 2.0 Beta 7, Serial PIC-interface, 19200 Baud/0xFF Sync. The important bit was configuring the lower 4 options (Tail, Nick, Roll, Pitch) to my RC channel settings. It didn't help that the instructions that came with the RC were completely wrong. Looks like Left and Right got lost in translation. Never mind, 'works now. I suggest you forget about special emulations. Just bung it onto a COM port and check out the above web site.