Just thought we'd let the droves of paranoid upgraders know in on a small bit of
Update: So yes, our previous ringtones carried over and we were able to add new renamed ringtones to iTunes -- but our readers are right in that 7.4.1 DOES block the renamed ringtone workaround moving forward. Our initial syncs went unblocked, but only until we tried to add new ringtone files. Once you actually attempt to sync new renamed ringtone files, well, then you're in for a heap o' pain (see above).
[Thanks to everyone who sent this in]