actually i did not do LOAD DATA FROM MASTER since its no longer the "correct" way to do it and not even sure if its supported in my current version of mysql.
I set up my new slave.
Dumped the database, which took half a day.
then imported from the dump, which took over half a day.
and turned on replication and it all started doing its thing, with records copying.
I can see my big ass database updating, growing in size.
It just is REALLY busy, and REALLY big.
And yes its master->slave slave<-master
But thats no longer "hacky" as its now actually the standard way to do 2 servers, and most recommend it in 3 servers even. cluster is for more it seems.
I used this walk through:
http://www.howtoforge.com/mysql5_master_master_replication_debian_etch