On re-hooking, it works fine, until you want to reload lsbox/xlabel. Then it blows up on the next !recycle. Doing a reload of all modules that are hooked and then the module they are hooked to takes about as long as a recycle...so !recycle it is :/.

I'd be using such a module manager myself if I weren't doing boxed themes. It could be handy for switching between interface paradigms (any change major enough to warrant different modules), or if you do a sub-theme kind of setup.