Yeah...though I looked into the update.zip file and it only appears to include the /system files, so I don't think it would work.
I'm going to bite the bullet and install the full .4 nandroid to ensure I get the full benefit of any improvements it has to offer...
I can use mybackup pro to save some of the things I want to save, and if apps don't reload from market automatically I have backups of them all.
I hope this ROM is worth it - Birdman V4 has been really good to me, so this one is going to need to have some good mojo to replace it in my heart.