I've spent a couple weeks on this already messing with my own device. And I feel that it's ready to be released for public scrutiny 
This is ZeroBT, A reverse bluetooth tethering solution that makes tethering from another phone with a Dial-Up Networking service (Blackberry, WinMo, Most Dumbphones, etc) simple and fast.
What does it add?:
It adds the PPP kernel modules to the system, rfcomm, chat and a custom service written in bash which watches the state of Wifi, Bluetooth and Mobile Data to make connection as seamless as possible.
Will this interfere with your A2SD Mod?:
The great answer to this question is No! This mod will not interfere with the A2SD Mod I released for Alpha 5, The installation process checks for the existence of the A2SD files in the system partition and installs the right version of the ramdisk to ensure that your not experiencing any boot problems from the wrong init.rc. This also means that you can install this modification with or without the A2SD mod. However, if you plan on using my A2SD Modification with this, please install the A2SD Mod first. The A2SD Mod is not as universal and will overwrite this modification's changes (that will be fixed in a future update.)
Download:
Signed: Download for Kraven CM9 Alpha5
Use:
This does not work for people with active data plans yet, Unless you don't have service at all on your Android phone or any signal (radio can be turned off I guess). After configuration, Turn WiFi off, then turn both Bluetooth and Mobile Data on. (That's why this doesn't work for devices with active data service yet, I'm working on another way to trigger it.) To disconnect, either turn Mobile Data off, Bluetooth off or WiFi on and ZeroBT will return to standby mode until you trigger it again.
Installation:
Download the ZIP above and flash it to your Optimus S but do not reboot afterwards, We need to configure ZeroBT first. If you are using a Verizon phone as your modem, you may skip most of the configuration.
Configuration:
Download a Berry4All .tar.gz package and then extract it into a folder somewhere. Navigate in that folder to bbtether/conf/, We need two files from this folder:
example: verizon & verizon-chat
find the corresponding files for your carrier and copy them to the ZeroPPP folder on your SD Card.
Open the configuration.ini from the ZeroPPP folder on your SD Card and fill in the options.
Use absolute paths from / inside the configuration file. When your done, save the file.
Go ahead and restart the phone. If you want to make sure it's working, open a shell and type "getprop init.svc.zerobt" then press enter, if it says running follow the trigger instructions in the usage section above and watch the phone that you intend to tether your Android device too
Enjoy.
Extra FAQ:
If I have a phone with Voice service but not Data, can I still use this?:
Yes, you can still use this modification as long as you do not have a Data Service plan and it will not interfere with your Voice or Messaging.
Can I use this if I have Data service but am currently roaming?:
No, Not until I can make a way to bypass the current triggers and give a dialer interface. I'm sorry.

This is ZeroBT, A reverse bluetooth tethering solution that makes tethering from another phone with a Dial-Up Networking service (Blackberry, WinMo, Most Dumbphones, etc) simple and fast.
What does it add?:
It adds the PPP kernel modules to the system, rfcomm, chat and a custom service written in bash which watches the state of Wifi, Bluetooth and Mobile Data to make connection as seamless as possible.
Will this interfere with your A2SD Mod?:
The great answer to this question is No! This mod will not interfere with the A2SD Mod I released for Alpha 5, The installation process checks for the existence of the A2SD files in the system partition and installs the right version of the ramdisk to ensure that your not experiencing any boot problems from the wrong init.rc. This also means that you can install this modification with or without the A2SD mod. However, if you plan on using my A2SD Modification with this, please install the A2SD Mod first. The A2SD Mod is not as universal and will overwrite this modification's changes (that will be fixed in a future update.)
Download:
Signed: Download for Kraven CM9 Alpha5
Use:
This does not work for people with active data plans yet, Unless you don't have service at all on your Android phone or any signal (radio can be turned off I guess). After configuration, Turn WiFi off, then turn both Bluetooth and Mobile Data on. (That's why this doesn't work for devices with active data service yet, I'm working on another way to trigger it.) To disconnect, either turn Mobile Data off, Bluetooth off or WiFi on and ZeroBT will return to standby mode until you trigger it again.
Installation:
Download the ZIP above and flash it to your Optimus S but do not reboot afterwards, We need to configure ZeroBT first. If you are using a Verizon phone as your modem, you may skip most of the configuration.
Configuration:
Download a Berry4All .tar.gz package and then extract it into a folder somewhere. Navigate in that folder to bbtether/conf/, We need two files from this folder:
example: verizon & verizon-chat
find the corresponding files for your carrier and copy them to the ZeroPPP folder on your SD Card.
Open the configuration.ini from the ZeroPPP folder on your SD Card and fill in the options.
Use absolute paths from / inside the configuration file. When your done, save the file.
Go ahead and restart the phone. If you want to make sure it's working, open a shell and type "getprop init.svc.zerobt" then press enter, if it says running follow the trigger instructions in the usage section above and watch the phone that you intend to tether your Android device too

Enjoy.
Extra FAQ:
If I have a phone with Voice service but not Data, can I still use this?:
Yes, you can still use this modification as long as you do not have a Data Service plan and it will not interfere with your Voice or Messaging.
Can I use this if I have Data service but am currently roaming?:
No, Not until I can make a way to bypass the current triggers and give a dialer interface. I'm sorry.
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