My yoke (PFC Cirrus) has two identical pushbuttons, one on each 'horn' of the yoke, so I have the left side mapped to the PilotEdge PTT and the right side mapped to the Teamspeak PTT. In addition to my PC's onboard sound which comes out through a set of speakers, I have a USB sound card and a mon-aural (meaning, only one side has an earpiece) headset. I have TeamSpeak routed through the main speakers and PE through my headset. That way controller transmissions will always be more 'hearable' to me than TS chatter, but I can still hear it easily. I can also have engine/avionics sounds turned up nice and loud without struggling to hear controllers. I also do have a mute keystroke mapped, as Bruce suggested. Lastly, I mapped my PE PTT in TeamSpeak to mute speaker output on keydown and unmute speaker on keyup. This prevents TS audio from playing while I am transmitting on PE and eliminates 'crosstalk' heard by the controllers/other pilots (and also makes it easier for me to concentrate on what I'm saying).
It is what works for me, maybe it could work for you too
