After sending a ping from the terminal...
How do I pick the results to log info or take other actions?

not sure directly from terminal but you can use netwatch so script will run based on whether the ping exceed particular timeout

For instance... I would like to be able to access that info and assign it to local variables.

Then I can log them or use them.

:log info "System sent $sent pings and received $received pings. Packet loss= $packet-loss Average ping=$avg-rtt

I was going to use it in scripts rather than terminal.