No need to use a custom dynamic_pager. To disable permanently:
sudo launchtl unload -w /System/Library/LaunchDaemons/com.apple.dynamic_pager.plist
I've also noticed the extreme swapping behaviour of SL even with a lot of inactive RAM. Disabling swap improves performance a lot for me.
For MBP with slow 2.5" drives a lot of swapping = beach ball hell. Probably not as noticeable for people with Mac Pro's or SSD's.
fwiw - my MBP with 2GB RAM handles RAM management ALOT better then my iMac w 4GB RAM.