Maybe it's not exactly what you are asking for, but it may accomplish what you want to do.
Since all your settings are stored in your home directory, you can just make a backup copy of it to another partition on a real disk. After you installed a fresh Ubuntu on a real disk, just run backup program once again to restore your home directory with all setting intact.
You can use a really neat backup program called Déjà Dup.
Info from ubuntu software center:
Déjà Dup is a simple backup tool. It hides the complexity of backing up the Right Way (encrypted, off-site, and regular) and uses duplicity as the backend.
Support for local, remote, or cloud backup locations, such as Amazon S3 or Rackspace Cloud Files
Securely encrypts and compresses your
Incrementally backs up, letting you
restore from any particular backup
Schedules regular backups
Integrates well into your GNOME
You will be done in less than two hours!