Pilot16,
I believe that
this gadget was specifically designed to permit pilots to listen to music whilst keeping an ear out for radio transmissions. See further
here.
I have not tried it myself, but PS Engineering is a well-respected company. The asking price of US$200 seems like a lot (I should have bought one at Sun 'n' Fun last year, when they were going for US$170
).
Hope this helps!
MLS