I put together a quick hack for 1.5 to support a "masthead", basically an "about this site" area that lives between the blog header and the posts. You can see screenshots and download from my site: http://www.blackrobes.net/code/masthead-for-wordpress-15/.
There are two SQL statements you need to apply to your WordPress installation to create new admin options. The rest should be straightforward.
All feedback welcome! --Loyd