Darktremors app2sd script works very fast on Velocity 1.0. Just as fast as a fresh Velocity 1.0 install. Instead of 30mb left you will now have 300mb left.
Flash ZIP then,
Now go to adb and type su
then /system/bin/a2sd install
Partition your SD card correctly and always NANDROID.
if you dont want your $12 Class6 SD card (Newegg) to die in 2 years. Stay away. Other then that it will work flawlessly and you will not have problems.