Not at the moment, no. Sadly, the firmware is locked down so much reverting it to a normal drive is quite hard. You could buy another ZIF 2.4inch drive, load your image onto the drive, then insert it into the Zune, but you still couldn't use the Zune, it would just be a case (you would have to remove all other components, when powering on, if the bootloader is not on the hard drive, it automatically turns off). In other words, this seems very unlikely to achieve I'm afraid.
It used to work, and that's what you have heard, but that was back in 2.x days, over 2 years ago. It's very hard to find the pre-existing Zune Software and Firmware for this to work, not including the actual hack.
Sorry about this, but it's not really possible.
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