That sounds like a good idea to me.
Some suggestion for the short term: A lot of the settings are stored now in the registry under HKEY_CURRENT_USER\Software\Microsoft Research\ConferenceXP\Client.
1. You might be able to get some of functionality you want now simply by logging in to different accounts for the different rooms.
2. Since the settings are stored per exe path, you might be able to do this by making multiple copies of the app directory, and launch from a different one for each room.
3. The possiblity exists to script a solution which makes location appropriate changes to the registry before launching CXP.
Cheers, Fred