I'm underway to do the same but using fluxbox instead (following a bit the crunchbang philosophy

) relaying on the buil-in panel instead of tint2. For the moment i can say, it makes an 8 years old HP laptop a reasonably fast machine (faster than what i experienced before installing on to it first lubuntu and then crunchbang). I found the razorqt firestarter iso is an excellent starting point.
But i'm by far less experienced and linux familiar as you. So i still miss some basic things as:
a configuration of xscreensaver
a reasonable battery/powermanagement setup
(ptbatterysystemtray for the moment does not do neither hibernate nor suspend; i vaguely remember hibernate might be unabled by default by debian but suspend at least should work)
and i miss a filemanager like Thunar or PCManFM (the later one exists, but for some reason i do not succeed in building the alpha from ressources).
In any case, i'd find it an excellent idea to come up with an openbox or fluxbox only based siduction iso. The right click menu, if configured well, makes unnessecary, imho, any starter bar
