Just as an update, I swapped init.android out for the one from our rootfs and added ueventd.rc and the symlink of /sbin/ueventd (pointing to ../init.android) to my initrd and it boots into Android beautifully.
Next, I added in pppd, netd, su, and sqlite3 to see how it functions with those. Everything seems to be up and running smoothly for initrd.
Now I'm working on moving some of this into /system instead of initrd. Will post back when I have a little more done
