Indexes on RAM disk = insanity?

All:

We have a postgres 7.4 server where we're trying to achieve some speedups.
Right now, at least superficially, RAM appears to be the bottleneck -- lots
of swaps in and out.

There is another consultant beside myself in the mix and he asked this
question: can we put the database indexes on a RAM disk? Won't that speed
things up?

My first instinct is NEVER NEVER NEVER to put any database data in volatile
storage like that. But on second thought, I thought I'd ask. Is this crazy?
If one did it, how would you handle repopulating the indexes if the RAM
disk were lost? Just have a shell script that would do that automatically?
Or will postgres 8 rebuild an index if it doesn't find it where it expects?

I recognize, or think I do, that PG 8 tablespaces would be required to
accomplish this.

Would this be insane? Has anyone done it?

--------
Steve Lane
Vice President
Soliant Consulting, Inc.
(312) 850-3830 (V)
(312) 850-3930 (F)
slane(at)soliantconsulting(dot)com