That would rock.
One thing that you should add - is that the plugin automatically adds a link in the navbar.
Just make a hook in parse_templates, and do ex.
PHP Code:
$vbulletin->templatecache['navbar'] = str_replace('vbphrase[faq]</a></td>','vbphrase[faq]</a></td><td class="vbmenu_control"><a href="'.$vbulletin->options['bburl'].'/vbugs.php">Bug Tracker</a></td>',$vbulletin->templatecache['navbar']);