I could test it for you, but I can't do it tonight (I'm in the middle of some other things and its getting a little late). But if you really wanted me to, I could try to get to it during the day on Friday.
The exploit uses particular offsets in the run-as binary and these may very well be different for v4.0.1. So, if it fails, you'll just see that the su and SuperUser.apk files don't get installed (because the mempodroid binary wasn't granted root/superuser permissions itself).
Sorry for not anticipating that there'd still be 4.0.1 users out there....
Good luck! You've got me curious, now