Oh, my National Treasure Friend - you are so right about the 401K, its one of the "evil, capitalistic" items that are up for grabs as we embrace "Change" and "Hope". So government control is a good thing, after all you are not capable of making good decisions with your money so the government is going to bail out your 401K, taxing it AND maybe ensuring that all people make exactly the same 3% growth on their money. That is the plan being "floated" to Congress as a solution to increase tax revenue and capture your 401K dollars.
So, I would actually wait until the legislation is mulling around Congress, early 2009 keep eyes and ears open - contact ALL conservative members of Congress, the Chambers of Commerce and all other business oriented organizations - then, utilize any valid method to convert your 401K into dollars today - tax or no tax.
No matter if you put them in your business - also I hear that property can also be utilized in some forms of 401K -
Realize there are two issues here - 1. who controls my 401K and 2. Bootstrapping until all the boots fall off!