I've been playing with this texas flood and boot speeds do seem to be faster. I do need some advice in getting gdm to work with it though.
I haven't got to the point where I can boot from the texas flood boot-scripts. I tried installing texas flood tonight, and got a bunch of errors in the output of the install script. The biggest error was the lack of the /etc/init.d directory in Vector. Looks like I'll have to manually install the files, using the install script as a template. Luckily, I'm using another partition to experiment with - not my production partition. Would of been a lot easier had there been some documentation included.
BTW - I use kdm and JWM, so I probably won't be able to help you resolve your issue with gdm and texas flood.