Yes, I see that it does work as you said earlier (I think I inadvertantly introduced a carriage return in there someplace!).
However, since I have developed bookmarklet-based "widgets" that use this library (pop-up calendar, websafe color palette, HTML page editor, etc), I still need to put it into a bookmarklet for use on other people's pages.
The major advantage of making these tools into bookmarklets is that they can interact with the dom implemented on other people's pages. For instance, the bgcolor utility allows you to recolor Yahoo's main entry page. Go to any newspaper site, and use the editor tool (IE only) to "adjust" the content of any articles there. (Just for fun, give printouts of such doctored articles to your most guillible colleagues!).