I agree, it's a much more elegant solution then a complete wipe.
Also, I am one of those ones that complained (to myself) about the process of reorganizing my Launcher after a complete wipe. Your idea is an awesome one!! Thanks!
During the last build (1.5.27) I removed my exchange account and added it again. After I removed it I noticed that the Mail icon (not Gmail) disappeared. I had hoped it would come back once I added the account back but it didn't. I can access the Mail app via an AnyCut or Folder Organizer...
The "Current" graphic overlay for the applied theme part in the 'edit theme' area (i.e. boot animations, boot audio...) is still showing up as Chinese text.
Upgraded via a flash over and applied the language pack