It's looking like that might have to involve some manually synchronised libraries, as the two versions will have to naturally differ thanks to their deep ORM integration; I hope to keep a lot of the code reusable, though, which should save a lot of time. The Django core version still takes priority - the backported version comes once the main version is in Django trunk and on track for a release.
I'll be working to my one day a week schedule to start with, along with time in the evenings and weekends, and I'll be doing regular blog posts to keep people updated. I might be able to get more time to work on this - in particular around release time, when there'll be more work to do - but it depends on my work schedule.
Still, the work starts here. There's a lot to get done, and a very expectant community, and I'm not going to let anyone down - I'm even getting an Oracle installation locally so I can give that first-class attention and support (there's a free development version, it just takes time and quite a bit of hair to get working).
It's going to be one hell of a migration engine.