Great guide sk1nhd33t, thank you for taking the time to write it up.
Quick question, how long should it take to restore the SL dvd to the thumb drive? I've tried it as per the instructions on my 10.5.8 hackintosh and from my macbook but it is painfully slow. Disk utility showed over 1 day before I stopped it. Thumb drive seems to be normal as I tried transferring a 700mb file and it was quick. Also tried to restore from the SL dmg file located on the hd vs from the dvd rom. Still slow.