I don't have my Peg system yet, but from what I read, you install MOS by copying the CD's content to the harddrive and set the BIOS to boot from the harddrive.
So, it seems to me that it should be possible to simply copy the content on your boot partition onto a safe spot (compressed onto another partition? copied on a CD-r) and restore it by simply copying it back.
Agreeably it's not on the same level of sophistication.
As for an actual program, I'll let someone with more knowledge get back to you on that one.
