Well not exactly hacked per se, but I found you can manually edit one of the MSKLC source files to remap CAPSLOCK, and I assume any key for that matter. And please forgive me if this is old news for I searched and could not find this info anywhere.
Mandatory stupid warning: I assume no responsibility if this FUBARs your computer. I have tested it on mine (Win7 32 and 64 bit) and it seems to work fine but use at your own risk.
Instructions:
(1) Download and install Microsoft keyboard Layout Creator 1.4 (MSKLC) from Microsofts website.
(2) Copy a backup of the file C:\Program Files\Microsoft Keyboard Layout Creator 1.4\inc\kbd.h
      In 64bit windows its: C:\Program Files (x86)\Microsoft Keyboard Layout Creator 1.4\inc\kbd.h
Keep this backup in a safe place so you can easily restore the file if need be.
(3) Open (EDIT) kbd.h in notepad.  Scroll down till you see the keyboard type 4 definitions.
     Should look like this:
#if (KBD_TYPE <= 6)
/***************************************************************************\
* T** - Values for ausVK[] (Virtual Scan Code to Virtual Key conversion)
*
* These values are for Scancode Set 3 and the USA.
* Other languages substitute their own values where required (files kbd**.h)
*
* Six sets of keyboards are supported, according to KBD_TYPE:
*
* KBD_TYPE   Keyboard (examples)
* ========   =======================================================
*    1       AT&T '301' & '302'; Olivetti 83-key; PC-XT 84-key; etc.
*    2       Olivetti M24 102-key
*    3       HP Vectra (DIN); Olivetti 86-key; etc.
*    4 *     Enhanced 101/102-key; Olivetti A; etc.
*    5       Nokia (Ericsson) type 5 (1050, etc.)
*    6       Nokia (Ericsson) type 6 (9140)
*
* * If KBD_TYPE is not defined, the default is type 4.
*
* KB3270 comments refers to KB 3270 keyboards in native emulation mode (DIP
* switches all OFF), and the Scancode Map used to convert its scancodes to
* standard scancode set 1.
*    KB3270 <= 57      - this entry is reached by mapping from scancode 0x57
*                        to an arbitrary scancode: the VK is what counts
*    KB3270 => HOME    - this scancode is mapped to the scancode for VK_HOME
*    KB3270            - no mapping involved, a scancode for KB3270 only
*
* _EQ() : all keyboard types have the same virtual key for this scancode
* _NE() : different virtual keys for this scancode, depending on kbd type
*
*     +------+ +--------+--------+--------+--------+--------+--------+
*     | Scan | |  kbd   |  kbd   |  kbd   |  kbd   |  kbd   |  kbd   |
*     | code | | type 1 | type 2 | type 3 | type 4 | type 5 | type 6 |
\****+-------+-+--------+--------+--------+--------+--------+--------+******/
#define T00 _EQ(                           _none_                    )
#define T01 _EQ(                           ESCAPE                    )
#define T02 _EQ(                           '1'                       )
#define T03 _EQ(                           '2'                       )
#define T04 _EQ(                           '3'                       )
#define T05 _EQ(                           '4'                       )
#define T06 _EQ(                           '5'                       )
#define T07 _EQ(                           '6'                       )
#define T08 _EQ(                           '7'                       )
#define T09 _EQ(                           '8'                       )
#define T0A _EQ(                           '9'                       )
#define T0B _EQ(                           '0'                       )
#define T0C _EQ(                           OEM_MINUS                 )
#define T0D _NE(OEM_PLUS,OEM_4,   OEM_PLUS,OEM_PLUS,OEM_PLUS,OEM_PLUS)
#define T0E _EQ(                           BACK                      )
#define T0F _EQ(                           TAB                       )
#define T10 _EQ(                           'Q'                       )
#define T11 _EQ(                           'W'                       )
#define T12 _EQ(                           'E'                       )
#define T13 _EQ(                           'R'                       )
#define T14 _EQ(                           'T'                       )
#define T15 _EQ(                           'Y'                       )
#define T16 _EQ(                           'U'                       )
#define T17 _EQ(                           'I'                       )
#define T18 _EQ(                           'O'                       )
#define T19 _EQ(                           'P'                       )
#define T1A _NE(OEM_4,   OEM_6,   OEM_4,   OEM_4,   OEM_4,   OEM_4   )
#define T1B _NE(OEM_6,   OEM_1,   OEM_6,   OEM_6,   OEM_6,   OEM_6   )
#define T1C _EQ(                           RETURN                    )
#define T1D _EQ(                           LCONTROL                  )
#define T1E _EQ(                           'A'                       )
#define T1F _EQ(                           'S'                       )
#define T20 _EQ(                           'D'                       )
#define T21 _EQ(                           'F'                       )
#define T22 _EQ(                           'G'                       )
#define T23 _EQ(                           'H'                       )
#define T24 _EQ(                           'J'                       )
#define T25 _EQ(                           'K'                       )
#define T26 _EQ(                           'L'                       )
#define T27 _NE(OEM_1,   OEM_PLUS,OEM_1,   OEM_1,   OEM_1,   OEM_1   )
#define T28 _NE(OEM_7,   OEM_3,   OEM_7,   OEM_7,   OEM_3,   OEM_3   )
#define T29 _NE(OEM_3,   OEM_7,   OEM_3,   OEM_3,   OEM_7,   OEM_7   )
#define T2A _EQ(                           LSHIFT                    )
#define T2B _EQ(                           OEM_5                     )
#define T2C _EQ(                           'Z'                       )
#define T2D _EQ(                           'X'                       )
#define T2E _EQ(                           'C'                       )
#define T2F _EQ(                           'V'                       )
#define T30 _EQ(                           'B'                       )
#define T31 _EQ(                           'N'                       )
#define T32 _EQ(                           'M'                       )
#define T33 _EQ(                           OEM_COMMA                 )
#define T34 _EQ(                           OEM_PERIOD                )
#define T35 _EQ(                           OEM_2                     )
#define T36 _EQ(                           RSHIFT                    )
#define T37 _EQ(                           MULTIPLY                  )
#define T38 _EQ(                           LMENU                     )
#define T39 _EQ(                           ' '                       )
#define T3A _EQ(                           CAPITAL                   )
#define T3B _EQ(                           F1                        )
#define T3C _EQ(                           F2                        )
#define T3D _EQ(                           F3                        )
#define T3E _EQ(                           F4                        )
#define T3F _EQ(                           F5                        )Now replace where it says "CAPTITAL" with "BACK".
Save the file. And now 'copy and replace' it back into the %MSKLC%\inc directory so MSKLC will now use the new definition when it runs.
(4) Run MSKLC as you normally would. Create or import a layout and then "build DLL and Setup Package".
Viola! The resulting *.DLL files will have the remapped CAPSLOCK. No need to mess with registry, and you don't need to reboot to get the original QWERTY + CAPSLOCK behavior back. Just change to a normal layout with the language bar.
You can also put CAPSLOCK on the BACKSPACE key and swap LSHIFT/RSHIFT with letter keys. That is all I have tested so far and it all seems to work fine.