Norm, if the goal of the design is to control two 
functions via latching relays via one wire, first 
let me ask a question.

If the latching relays latch in the needed 
position, what causes them to "unlatch"? Are they 
dual coil relays?

If the latching relays are dual coil relays, here 
is a potential way to accomp the goal.

Connect the DPDT sw as you suggest so that it 
sends either a pos or neg polarity voltage (or 
'floats') along the wire.

Use diodes at each relay to get the polarity 
needed to actuate and latch that relay or 
conversely through other diodes with the opposite 
polarity applied the result would be to energize 
the other coil of that relay and un-latch it, and 
that polarity would also at the same time latch 
the other relay.
These diodes normally have only .6V drop max but 
if that is too much, use shottkeys they have as 
low as .1V drop.

There are ways to do it if the relays are not dual 
coil but use opposite polarity to unlatch but it 
gets more complicated. -Ken



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