Bruce,
I was just thinking of the same thing this afternoon. Imagine Mercury as a spectrum monitor of Penny while in TX. See your own IMD as you generate it.
I just suggested it to the mother ship.
Why can't you do that now?
Does your display blank out on transmit?
The QS1R, my T/R relay just shorts the input, and mutes the speakers... so the RX is stil active, and I can still watch my sig on the screen...