Check out this thread
I am running CM 4.2.11 with 10mb CFS hack and, imho, it does not have a need for a swap but your mileage may vary.
Don't delete that partition. You will need it when you switch to Android 2.1 most likely. It's only few MB right? Just let it be, it's not touched unless you specificaly tell the system to touch it.
If you do decide to get rid of it the this thread should help you out.
Good luck.
If you still want to use your swap you have to make your own user.conf
Just follow this, part way down it tells you how to make one just for swap.
http://wiki.cyanogenmod.com/index.php/Compcache
Thanks. I used that tutorial but I am still getting zeros when running 'free'. I know I am messing up somewhere.