Well, I tried it out and figured it was worth a shot. Whatever hack this uses seems to rely on an external library file that you inject into the file system and point to using a modified .plist file. So long as you restore the backup plist, all changes should be reverted safely.
The tool used for creating sparsebundles didn't work for me for some reason. No file was generated in my home directory (~). There are other tools out there that I tried, and they seemed to work fine. I used this:
http://code.google.com/p/backmyfruitup/
I've started a backup, and so far I'm noticing that data rates to the disk are insanely low right now. I don't know if this is due to the hack, or due to the fact that I've attached a really crappy old NAS unit to my network for testing purposes, not wanting to screw with the one I usually use.