Help needed: using jQuery to show passwords as you type

Today I found an article about password usability, which suggested that showing users what they type for their passwords is an improvement to usability.

You can try a working demo, which adds a 'show password' checkbox.

This had me wondering whether this is a feature we should consider having in Drupal.

I duly began writing a small module to do this, but I'm stuck on rewriting the Javascript from the article as well-formed Drupal-friendly jQuery. Now I can make jQuery do fancy things like expand things you click on and whizz things around, and my code so far replaces the password element with the new one, but making that new element itself clickable has me stumped: it's all a bit too meta.

I know when I'm beaten, so I'm blogging this to say: is there a jQuery whizz out there who would care to lend a hand? If so, please comment or email me, and let's make a new contrib module for this!