I just saw this blog post this morning. It mentions that there are commercial solutions to do this. If you're into DIY, this could be fun to play with, though. I'm also thinking of the possibilities to do whatever you want to the signals in the process. What comes in via PWM doesn't have to be the same as what goes out via PPM. One input channel to multiple output channels, inverting, mixing, etc.
http://blog.oscarliang.net/build-pwm-ppm-converter-arduino-2-4ghz-receiver/
http://blog.oscarliang.net/build-pwm-ppm-converter-arduino-2-4ghz-receiver/
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