Designing mil-std-1553 transceiver
I'm no 1553 expert but reading from the standard (MILs are luckily freely available) the transceiver is 'simply' a bi-phase converter running in manchester at 1Mbps. So you could drive the transformer with some kind of H-bridge and use a differential receiver similar to the one used if RS422 for getting the signal back.
Timings are somewhat strict (microsecond range) so I'd recommend an FPGA (or a really fast MPU).