I would like to try your method if you don't mind posting the zip
While looking through Firerat's script, I discovered that that he put a lot of work into making sure there isn't any data loss or other problems with the conversion from internal data to /sd-ext, so I've decided not to mess with it
Here's what you can do to try it out:
1). Backup your SD card
2). Format and re-partition your SD card (you can use ROM Manager to do this automatically)
3). Reload stuff onto your SD card
4). Make a nandroid backup!
5). Install a kernel that can mount the second partition on the SD card as ext3. I know Slayher works, and P3Droid works if you make sure that the ext3 module loads. The default CM kernel does NOT work
6). Delete /etc/init.d/05mountsd
7). Run Firerat's script. It should install a new copy of 05mountsd and mount your SD card. If it doesn't mount your SD card, you'll want to just stop here and try other things like mounting it manually until you have a system that can mount it on boot.
8). Once Firerat's script runs and moves your apps to the SD card, you should be able to reboot and it will still work. At this point, make a nandroid backup!
IF you run into the problems I did (where a battery pull makes your /sd-ext partition not boot and all your apps appear to be missing) let me know! For all I know at this point, I'm the only one with this problem, and if that's the case, the extra steps I had to take aren't worth it.