Hi @FramerX. The toggle Bit is considered a latching input, because it will hold it's state.. Below is a spreadsheet that shows how the mp3 player will work in different scenarios. I am also happy to make little video demonstration. Reply here with an exact circuit + scenario, and I'll test your ideas.
Momentary vs. Latching Inputs:
Momentary inputs are quick ON or OFF signals sent into your MP3 player. A great example would be adding a button before your MP3 module. If you briefly press the button, a quick 5 volt signal goes to the MP3 module triggering it to start or stop (depending on the mode you are in). Latching inputs stay ON or OFF for a longer period of time. For example, a toggle switch sends out a 5 volt signal for as long as it is in the ON position. For the MP3 module, any incoming signal that is longer than 3 seconds is considered a latched input, so pressing and holding the button for more than 3 seconds would be the same as leaving a toggle switch on for that same amount of time.
Read full article: http://littlebits.cc/tips-tricks/tips-tricks-mp3-player