I found a very similar app, see thread:
http://www.droidforums.net/forum/droid-applications/24575-auto-memory-manager-root-required.html
Seems eerily similar, I'm running this for a day or two to see how it works out.
Also, memory junkies see here too, another cool memory app:
http://www.droidforums.net/forum/dr...ge-plus-peak-memory-usage-memory-utility.html