How to set high on rise edge, low on fall edge?
If you use SPDT switches, you could use old-school asynchronous (aka hairball) logic, as below. Eg. two 74HC00, a SIP 8-resistor pullup and 4 capacitors. The same thing is possible with SPST switches by differentiating both edges after debouncing. 







simulate this circuit &ndash; Schematic created using CircuitLab

But personally, I'd just program a small micro. PIC12F509 or something like that, as jippie says, and add some filtering so noise doesn't trigger it etc.