Completely analogue ... use two cross-coupled BJT's in a flip flop configuration, with another BJT and RC delay on each switching input. Yes, it costs 4 transistors, but is tolerant to switching the input rail (as long as it's below about 40V) and not just logic levels. If you really want to be modern, use Mosfets.
Yes, you can accurately do the timing in a CPU, but you need the logic rails up first, something of a chicken and egg problem.
BTW, I personally rediscovered this idea reading vintage homebrew computer schematics like EDUC-8. The sexy switch is a momentary on -- off -- momentary on toggle which will now set you back twenty bucks.
