As it turns out my Nook was on 1.1.0. Rooting seemed to go fine but I don't seem to have multi-touch. I haven't tried the 174 or 176 kernel instead taking the recommendation and using the one that jptiger put together in this thread.
So my question is: did I screw this up by not upgrading to 1.2.1 first? If I go to settings it still shows the software version as 1.1.0 even though I've rooted. How can I ensure I've got the latest/greatest kernel?
EDIT: Ok, I upgraded to 1.2.1 and then rooted again. Multi-touch still doesn't seem to work for me. Did I miss something?