Might be a little risky, but what isn't LOL. At any rate make sure you look up the threads on building the serial cable as you'll no doubt need that in the event you hose your PE and need to get it back to working condition.
What I always wanted to attempt was a kernel with a working save to SD card (not sure what is missing on the PE and I don't know enough about Android kernel dev to know what's required either). I'm guessing it should not be too difficult to do though like when I replaced the existing wpa_supplicant with one that can connect to adhoc connections. It worked I think because both were compiled against the same kernel version. At any rate I think that most of what may be missing from our PE's beta ermine (I'm assuming you are using that version on your PE) can be installed in a similar fashion.
Any way welcome and enjoy. I'd love to get some development going if you know what you're doing.