[AE2] Level Emitter Extended

Applied Energistics 2 Level Emitters are great - they allow you to emit redstone signal based on item number. But they have problem - they eat channels. If you have one or two it's not a problem, but if you want to get information about 20 different items you have to use dense cable, controller, etc. With this program you will be able to check up to 272 items and emit redstone signal if needed with just one channel.

Here's the code:
http://pastebin.com/hCYUkaWU

This is how working example looks like:
http://imgur.com/0TjtTU0

How to use
Download app and run it.
You will see information about file being generated. In this file you set everything.

{
  interval = 1,
  levels = {
	{
	  redstone = {
		side = "top",
		bundled = 1,
	  },
	  amount = 50,
	  fingerprint = {
		id = "minecraft:redstone",
		dmg = 0,
	  },
	  mode = "above",
	},
	{
	  redstone = {
		side = "top",
		bundled = 2,
	  },
	  amount = 50,
	  fingerprint = {
		id = "minecraft:stone",
		dmg = 0,
	  },
	  mode = "below"
	},
  },
}

This is how your config might look like. The most tedious past is to actually add items in here. File itself is simple to understand, so i'll only explain what's "bundled". If you set it to 0, you will have normal redstone signal, but if you provide any other number here, you will get specific color code combination. Here you have more information about it:
http://computercraft.info/wiki/Usage_of_the_bundled_cable_using_the_Redstone_API

Edit:
Added option to set default signal - this will be used before program reads info from your AE network.

Hey can you help explain a little more how this works? I am still trying to figure out how the config works and if the amount it is testing for is >, <, or equal to the amount I give it. I do understand some code but not this advanced. I really like this program and I will definitely make use of it if I can. Thanks!