I believe that I can save you the headache. I have just published two scripts, one which can convert bound default objects to column defaults and one that converts bound rules to column check constraint.
Convert rule objects to column check constraints[/url]
Convert default objects to column defaults[/url]
Actually it is pretty complicated to convert rules, because sql server stores them as transact statements. The only way I know of, are converting them by doing text parsing. Parsing these objects are pretty hard to generalize. I would appreciate feedback if you run into problems with the scripts