Hi, i had time to play about with my adapter tonight, i'm using 3 rectifier diodes (1n5401) in series to drop the 5v line to 3.3v (well its 3.2v but its near enough) and a microswitch for the eject button, grounding pin 3 for normal use and switching to the 3volts to eject, pin 4 is open circuit. Its not pretty but it works!
Seems to work fine so far, have read and flashed drive to 0800 and used to read dvd's on. Also I have a sata to usb converter (cheap one off ebay) and works fine with that aswell.
It wont eject through windows, you'll need a switch to eject.
Do you have any filter caps on your 3.3 volts line after the regulator? It maybe making noise, but wouldnt of thought you'd need them really.
Cheers
Ian