Since the question came up in the comments for my first Menustrip & Toolstrip entry, I went ahead and wrapped up the Menustrip project. You can now download it here.
The solution was written and built in the May 2004 CTP released at TechEd 2004, build 40426.16. I won't come near claiming that this is “good” code, other than it does what I set out to do. So feel free to drop any suggestions.