UPDATE (04/11/2008): XDA-Devs forum member
Ebenezer has released a version of Jbed 20080222 3.1 that can be directly installed to a storage card. It also supports sound and M3G (3D). Make sure you switch to this version if you prefer keeping your MIDlet manager and deployed MIDlets on your storage card. I've also got rid of the old, 2.1 Cloudyfa version (along with all the previously-mirrored and, now, outdated Jbed versions - this is why the old mirror links will no longer live) and made the new version of Jbed available
HERE for direct download.