To check the Google tag hacking idea, I've created a script to generate tag search tokens from del.icio.us RSS feeds. I plan to run this nightly on many different tags, but for now i've just done one run on the tag googlehacks. The generated page is here.
Feel free to mirror a copy and link to that and/or my copy. The more the merrier in getting some momentum for the tag search google bomb. When I get the full setup done with nightly updates, I'll share the script to generate the html, not that it's in any way complicated.
The tags I use consist of the prefix 'deli_' in front of the tagname. Tags with non alphanumeric characters are mangled (all non alphanumerics replaced by _).

I've been thinking about whether this might get me accused of link farming, but I wouldn't think so. This isn't farming. I actually don't want the pages of links themselves to be popular. I am only interested in injecting search tokens in the searchable text set for other pages. For people uninterested in these made up terms (currently leading to empty searches) this shouldn't be an issue. The search tokens won't crop up in result lists, won't taint any search for "real" search terms and I wouldn't expect them to affect page rank either.