After a quick google search showed up a design for an aviation mic to pc adaptor, I did some testing.
This has now been tested with a helicopter (single plug, with an adaptor cable) headset and a Telex airliner style headset and seems to work pretty well.
How-to Article on Flightsim.com
If all goes well I will install this in the arrow, which will bring me one step closer to having the sim online on VATSIM!