If you can't wait for that virtual mount to work (which sounds super cool, by the way; would a different approach be to look at the smb.conf in the Samba server for Android and share /data via Samba over the network? I've read the 'stock' samba server can't share linux filesystems, but I can't help but wonder if that can't be overridden in .conf) you can do some fugly hacking like I did on the NST:
On the NC and NST, /data is an android-only vanilla filesystem
/mnt/media is the filesystem that is swapped out of Android for copying in from Windows.
On a rooted device where /data is not full, you can use fdisk (or busybox fdisk in case you have not symlinked busybox to the commands it supports) to shrink /data. I would do this over a wireless connection, so that you don't get involved in both partition editing and unmount/remount at power on.
If the /data partition is the LAST partition listed by /mount, you can delete it and resize it hot very easily.
delete it.
hit n
create the 'new' partition as a smaller size.
w to write your changes.
You get an error about the kernel still using the old partitioning. You don't care. Reboot, and your /data partition has shrunk. Now might be a good time to run fsck on that new, smaller paritition. You'll get a warning about running fsck on a mounted disk. On a device with a resized partition and no actual filesystem damage, this has not been an issue for me. YMMV.
Then you would need to delete and recreate /mnt/media to the desired size, toggle the partition label to make it a fat filesystem, reboot, confirm that those boundaries worked also, and then run mkfs.vfat (if I'm remembering correctly) on your new partition.
The tricky bit is getting the partition order correct in a complicated filesystem like this one.
On the NST, you don't actually have to get everything just right.
I found that out by happy accident - I wanted to resize /data and /media there, and they are partition 6 and 8 respectively.
The first time I did it, I was confused about which set of notes described what. When the device failed to start 8 times, it looked at the world and realized a reimage was needed, and formatted the available ext fileystems as /data and /cache, and the fat filesystem as /media.
I did not realize this until quite recently, when I needed to reimage my NST to apply update 1.1, and lo and behold: the partition table after reimaging from stock was not in the order I'd ultimately imposed on it the first time.
I do not know how robust the recovery on the NT is.
Seems to me this is a great time to find out - but I would only muck around with the /data and /media and not touch anything below those, and I don't have one of the NTs so my money's not at risk.