True a GUI would be good that's why I started one, but it needs a lot of work.

Automatic Re-swapping can cause problems if your in the middle of something.

My method has a separate event.d file (which I personally prefer over editing rcS-late)

The two scripts you mention in your method are the same as Ereswap (currently in devel) wiki.maemo.org/Ereswap

My method has one script to switch swap (automatically forcing onto uSD if not already)
The other script is to switch to internal swap so the uSD/back cover can be removed.
If you have Swap on uSD removing the back cover will (in the words of vi_) insta-unmount your swap, which is like pulling a RAM stick out of a desktop. My script is useful for if I need to get in the back while powered up.

IIRC (from something I read on TMO) the swapon/swapoff is better done with the N900 unlocked.