Just an update after long long silence. I am now trying to befriend Parallax Propeller with PAN1320 Bluetooth module.
Starting point http://svn.navi.cx/misc/trunk/propeller/usb-host/ (thanks Micah Elizabeth Scott) and Bluetooth specification.
One thing I do not understand about BT modules, why are all module manufacturers so secretive and require NDA to be signed to give you user manuals/datasheets? Really, wtf?