I wouldn't do that, no... rolling back just the OS isn't going to be easy.
What I'd probably try is to clean install Leopard to another drive. When prompted to 'copy from another Mac', point it at the Snow Leopard drive. That MIGHT bring across the applications and data (which is why you're doing it to a separate drive, and leaving your backup safe). If it works, then copy THAT back to the internal.
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--Dave Nanian
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