Joe,
Not only possible, but what I am working on. You can go a couple of ways. Use the Picaxe to read pots and switches on the controller (TX) side and then output the standard R/C pulse stream (does not require anything but a standard R/C receiver to decode it) to your RF stage, or, like you indicated, put the info out as a serial data stream, through off-the-shelf serial modules (like the Xbee or the new little jewel from Sparkfun) to another Picaxe that, in turn, generates the servo pulses.
The only problem is on the receiver side. Remember, on many picaxes, you cannot do serial and the servo pulses at the same time. But, if you go serial to the 21 servo contoller board (which has a dedicated servo output ship in place), you should be fine. Or an inexpensive serial servo controller board, like the ones from Pololu.com, should eliminate the requirement for a Picaxe at the RX end.
Wreno
Edited by - Wrenow on 26/05/2007 14:04:19