The LOOSE_VERMAGIC and and main build script are from Rodderik's EI22 tree.
The MTD build scripts (this kernel doesn't have MTD support ATM!) are based on nubecoder's.
I missed an important patch required for the back LED to work properly. Flashlight apps and the camera will not work properly without it. I've updated the kernel and created a separate branch just for it. I also removed some tweaks from init.rc and added the stock el30 initramfs for reference. The updated kernel and link to the new branch is below.
Pre-Compiled Kernel (Updated 2012-01-27 - flash in CWM):