Sounds like what I would "try", after making an "full spindle" AcronisTrueImage10 image that includes a copy of track 0 along with MBR (if I had the space somewhere).
Note that deselecting the Windows partition in Acronis also skips track 0 and the MBR. Rick Glazier From: "Brian Weeden"
It would be a pain to reinstall Ubuntu because I have made lots of modifications to the default install, not just installing software but actual config changes. I think my best bet would be to format the Windows partition, shrink it down to like 10 MB, and leave it in place. That way I get the space back but don't have to worry about messing up the boot order or mappings.