I tried it briefly.
The advantage of utunnels's version is that your texture polygons always have UV coordinates that are exactly between pixels. The disadvantage is that you are not able to use the last row and column of a 256 x 256 texture, even though there is data there. Not sure which is better, although I'm tending to agree with the utunnels version.
I've summarized where I recall things being in the two attached images. They depict the same exact Serge model viewed in the normal Blender editing window and with the render previewer. As you can see, neither image is perfect.
The normal view shows a thin line down Serge's back and some unexpected orange splotching on the backs of the shoulders. This seems to be due to some blurring of adjacent pixels, and ensuring that the UV coordinates fall exactly between pixels does not help here. This goes away in the render preview. (Although I've not shown it here, the render preview also allows for proper handling of transparent portions of models, e.g. Glenn's bangs.)
However, the render preview shows a problem at the bottom front of Serge's shirt. This is due to the existence of two faces occupying nearly the same space. One of these faces points toward the viewer, while the other points in towards Serge. Only one of these faces should be viewable at a time (based on the location of the observer), but for some reason the renderer is trying to draw them both.
It would be better for ZeaLitY if we could fix the render view, as this would allow for much larger images to be taken. This means fixing the double faces issue. Ideas anyone?