I just tried this on my system, it does not work :) In my case it is a Windows 2003 server. The real solution is to get rid of the 17 year old OS. However I am stuck between a corporate rock and a hard place and can't update it.
I am experiencing the same issues, logon scripts won't run in less than 20 minutes and the persistent connection swill always fail.
What is really baffling is that it will run OK the FIRST time after all the connections are removed (net use * /d /y) . But if you forget to blow the connections off before rebooting your're stuck again with no access and glacial logon scripts.
Hopefully your fix will help some of the people that have access to SANS.