The Best Option For 1.2.0 Nook Color

Yes, but it's more of a PITA than just the 8x restart restore. xdadevs has the files you would need. You essentially need to rebuild the stock setup. I'd just put CM7 on a 16GB sandisk card and not have to mess with all that.

If you just manualroot stock 1.2 you'll still have the simple restore and any BN stuff you might want. With the boot menu uboot you can boot CM7 from the card or rooted stock from internal without removing the card. With my current setup I can even have both ROMs running apps that use the same files stored on the card.