Yes, you made some good points with your compares of SS7 & SIP over HS*PA however despite that the codecs wouldn't saturate the connection. Most data plans provide far more than 64 kbit/sec upload.
So comparing u-law over 3G to GSM isn't a fair comparison.
The problem tends to be one of latency, rather than bandwidth. I've used SIP with the G729 and GSM codecs quite happily (as an experiment) over GPRS. But the same wasn't practical over 3G (UMTS) because of the latency. However, HSPA has much lower latency than UMTS, so should be more feasible.