Thanks Hippy, the BT device I am using is a common HC-06 which I have wired up to an un-programmed Picaxe chip, in this case an 08M2. Using a terminal program, I can send commands to the BT unit in the 'unpaired' state, and then when 'paired' to the Picaxe I can receive serial data from it. To the best of my knowledge, The BT unit is transparent to the process of sending and receiving serial data, merely acting as a conduit. Providing the baud rates are compatible, the serial data link can be established providing the software on the device wishing to establish the link to the Picaxe can see and then open the respective BT Port, (which is also listed in Device Manager).
Now, I can see the BT port in the Port list in my Terminal program and when I select it, I immediately open up serial communication, however, looking in my Picaxe Editor 'port list' I don't see the BT port listed. My question is, is there a definitive answer from RevEd giving a technical reason why its not listed or is it something else. Given that I can also pair the BT unit to my Samsung tablet via blutooth, open up an Android terminal app and immediately connect with the Picaxe chip, it would seem reasonable to assume that this level of connectivity would apply to the editor software as well. I'm sure there is a solution out there...