We have just created an experimental core for the Guzunty programmable IO board which does what you want, I think.
You can learn more about Guzunty here:
https://github.com/Guzunty/Pi/wiki
The new core is not yet linked into the main site, but you can find the resources here:
https://github.com/Guzunty/Pi/tree/master/src/gz_ppm
The programmed hardware reads a ppm stream from a radio receiver and provides an interrupt to the RPi to alert the software that a channel has been decoded. The current value for the channel is then read as a 16 bit word from the SPI interface. The pulse widths are measured in hardware, so there is no latency or other source of inaccuracy. The bit accuracy is as good as the highest resolution from the Turnegy radio linked to above,
It also echoes the ppm stream out as decoded separate PWM signals for each channel, in case you wish to pass any channels out without processing them in the Pi. For outputting processed PWM streams, you can use the Servo Blaster software. Your adafruit servo controller will also work fine for this purpose of course.
I stress that this core is
experimental at this time. Please do not buy a Guzunty board expecting this to work out of the box just yet. If you want to be an early adopter and help validate the core, you would be most welcome. If enough people are interested in this core, we can justify buying some radio gear to test against so that we can provide support, so please either add a note to your order indicating you want to use the ppm core or else visit:
https://github.com/Guzunty/Pi/issues/14
and leave a comment indicating your interest (no purchase necessary this way of course

).
As can be seen from the scope images in the issue thread, the core simulates fine, but we are awaiting feedback from a community member as to whether it works with real world receivers.
HTH,
Derek