I dont know why you have such a negative idea. It is counter-productive and most of all obnoxious. The 2nd init app is created to load custom kernel as well as helping the rom developers to reduce the hassle of constant reboot.
If you are not going to contribute, please be quiet.
i try now to install, but how start the installation, immediately stopped and write:
installation aborted
e:error in sdcard/update cm7xxx
assert failed:getprop("ro.product.device")
umts_sholes" || getprop("ro.build.product") =="
It might be possible but . . . alot of work heh. Would have to go through every file in the 2nd init script and cm6 and change it to Defy specifics (mount points etc . . .). I feel people are forgetting that granted visually they present similar stock roms - they are still different phones; and I wouldnt feel 'safe' until I've read through every file to make sure it didnt wipe/set something I couldnt undo heh.
Edit: Also looking quickly at that 2nd init script; like the OP says it is very invasive. Running it as is would probably brick your Defy, fyi.