Is it possible to create binds that work based on the state of the key?

Basically, I want to make a control panel of sorts, with some 2 way switches. The silver "toggle" kind, some 3-ways two, probably.

I would like to be able to bind them to things hud elements...ie, the chat window. I know I could make it a button and it would work, but if i left it "off" or "on" ... does LFS understand the concept of states for a command. Like, no matter what, if that switch is on, then the chat is visible, and if its off, its hidden?

I can think of a few bings that would be nice on switches like that, as well as making an easier access set of switches for chat binds and the like. I've built a usb switch board before for flight sim for a buddy, so I'm thinking the actually mechanical and setup from a hardware perspective will be easy...its just the integration into lfs...