Thanks again Sokol1
I ordered 2 BU0386x's and some of the rotaries he offers. On eBay I spent some time looking arround and bought some NOS and used older but yet higher quality switches. First I'm going to make a small project box at first to get what I've learned into something basic. Once I get that done I'm going to make two panels, one is going to be for level bombing and the other generic to most planes.
Found some links that also helped with what people have said already = kinda of helped to put things into better perspective when trying to understand the concepts.
Momentary Togle switches http://momentaryswitch.org/momentary-toggle-switch
NKK Switch Basics Traning Modulehttp://dkc1.digikey.com/us/en/tod/NKK/SwitchBasics/Switch_Basics.html
11-21 in above gives some good information on using illumination with the switch
Make Presents: Ohm's Law http://www.youtube.com/watch?v=-mHLvtGjum4
Helps with understanding needing resitors with LEDS (nothing about LEDS though)
Make Presents: The Resistorhttp://www.youtube.com/watch?v=VPVoY1QROMg&feature=related
A compliment to the above link