If it is generating a bit stream then chances are there is a microcontroller generating it in the first place. There may be an option here of disassembling its code as well if it is possible to read it out.
Yup. certainly doable. The only problem you sometimes find analysing this type of kit, is before long you have it on a bench surrounded by £50Ks worth of test and development gear. Fine when it is someone else's kit, not quite so practical when you nee to provide it yourself!