So, after a bit of testing, it seems like you need a TON of swap space for this to be effective (at least on Sense 5). The disadvantage to this swap method, it seems, is that unless you select a ton of swap space, your phone will grind to a halt as soon as RAM and swap are filled up. I'm running with about 425MB of swap, and while this delays the lag for a bit, it's not perfect.
Maybe this, in combination with some init.d scripts to tweak the minfree settings and stuff would work really well, so I'll report back after some tweaking.
Also, the aroma script isn't actually tailored to our devices. We have about 250MB of cache space, and only about ~30-40MB of it is really used at any given time. The aroma script hangs if I try to install anything larger than a 120MB swap file there, however. Installing larger swaps to /system and /data work all right, though. You're going to need that space if you're going to use this, so have at it.
HTC One X [MSM8960]
S-OFF | HBOOT 2.18