Well you could do this, does the Hacker edition support mount -o loop? Others reported 770 does not, HE is closer to n800 so it may?

dd if=/dev/zero of=/media/mmc1/install.img bs=512 count=209715
mkfs.ext2 /media/mmc1/install.img
mkdir /root/mnt
mount -o loop /media/mmc1/install.img /root/mnt

If you can not do a mount -o loop, the script will not work for you. You will need to follow the the link the late elvis dropped.