I couldn't wait. I went ahead and installed Mint 5 on my usb drive using my older pc. Currently posting from an actual installation. Aside from some issues (error 17 and 18) with Grub, it was relatively painless. I'll include a description of my setup and try to be brief. This may be of some help to other users.
AMD Sempron 2200+
Asrock K7VM3 Motherboard
1 Gig of RAM
80GB Hitachi IDE HDD - Windows XP
160GB Seagate IDE HDD - Ubuntu 8.04
80GB Western Digital Scorpio USB - Minty!
*These drives boot independently of each other. I don't need all of them to be connected to boot one up. I got this working by having separate boot loaders for each drive and use the BIOS boot menu to pick which one I want. I wanted it that way because I sometimes swap drives with my other pc.
[2048MB - swap]
[60GB extended (10GB Mint 5) (10GB empty) (10GB empty) (10GB empty) (10GB empty) (10GB /home)]
The installation was smooth. My first boot was met with the famous Grub Error 17 and 18. The reason being how the BIOS and the Live CD arranged the drives. In the Live CD, the usb drive was third and my BIOS read it as the first drive. The solution was to edit the menu.lst and change all references to (hd2,4) to (hd0,4), which is where my Mint is.
After these small changes were saved, I booted up the USB drive and got the fancy stuff working. Oh, it's asking me for restricted drivers. Yes, please. Anyway, couldn't have done any of this without the resources here. Thank you for making a nice distro. I'm off to explore...
I want a balance between tweaking my OS and actually being able to use it.