Here is how you do it...
1) Get a recent build of pd, I used this build.
2) Set up a new computer-to-computer WiFi network:


3) Connect to the WiFi network "osc" on your iPhone.
4) Find your PC's IP address on that computer-to-computer WiFi network:

5) Put your IP address into the "Host" configuration on TouchOSC on your iPhone, and set your outgoing port:

6) Set up your pd patch:

"dumpOSC 9999" receives on port 9999, "OSCroute" parses the command, and I use "unpack" to grab the second element of the message, which is the fader value or toggle setting:
6) Play!