Well, I managed to locate the code that I thought was THE code, but, Moderator, your right; it is for select/option element:
//document.forms.newCollection.fieldType.options[document.forms.newCollection.fieldType.selectedIndex].value
I still seem to remember getting similar syntax for radio groups. Maybe not.
But I think I will bypass this issue and use click event listeners on the radios to set the hidden field value directly.
Thank you for time and attention:
Edit 10/11/2015
Edit +
I had posted code to find selected value in select/option element but it is not working as
it had written it. So I have removed it.
JK