I am quite new to this development, so please flame away if I am messing something up here. But I like having apps in the stock app drawer, as I mostly use this as an eReader.
So I gave this a try, and it seems to work (used Root Explorer):
1) Took AppLauncher.apk from 1.1 image (
http://xdaforums.com/showthread.php?t=945838)
2) Backed up 1.2 AppLauncher.apk in system\app on Nook and replaced with 1.1 version
3) Then clicked on the replaced 1.1 AppLauncher.apk in Root Explorer and installed it
4) Went to the stock launcher home screen on nook, pressed the Apps icon, and it gave me a choice (AppLauncher or Apps). Picked AppLauncher.
5) All apps installed on nook are showing in drawer!
I am still testing but even after a reboot everything seems to launch fine. Just a suggestion for those willing to play around a bit but want to keep apps in the stock launcher.