My dad could probably answer this, he has done electronics for years, but he is out right now and I just thought of this... How could I make a baybus have a red light on when in the off position? Would I need a special switch? I was planning on to use some SPST switches from caseetc.com (or the dpdt maybe?) What I would want is a neon light that connects up, when you turn it on the LED turns blue. When you turn it off the LED turns red. I know how I could make the LED turn blue, I just don't know how I could make it turn red when you switch it off.
As you thought, you need the double-throw switch. Power in to the middle, and a wire from the "off" connection to your red led, another from the "on" connect to baybus & blue led.
I was planning on getting http://www.caseetc.com/cgi-bin/caseetc/EC-073.html Do you know where each thing would go?? I will test them with a multimeter when I get them if necesary, but it would be nice to save some time