The Memory Unit seems to be a USB card anyway. I mean, I don't have one yet so I can't test my theory, but the port looks to be the same five-pin USB thing MS used for the Xbox. I mean, different port but same pinout I bet.
But yeah, it might be better to do this before the hard drive. I mean, there's a possibility that the only thing distinguishing a memory unit from your thumb drive is the place it's plugged into, and popping your 300-gig USB 2.0 drive into an adaptor made from the Memory Unit will work? Of course, if we're talking about possibilities, there's also a possibility that MS is using Xbox Live for some kind of Last Starfighter-esque operation.
Okay, here's a good reason to do this first, though: The encryption (if it exists) and custom filesystem (if it's not FATX) are bound to be the same on the Memory Unit and the hard drive. But the unit is thousands of times smaller, so probably much easier to work with. And they're cheaper, so if you screw up you're not out a hundred bucks.