That won't work, believe me I tried that at first as well.
First of all, as others reported earlier on the BBS /bin/init cannot exec shell scripts, only binaries. So whatever it starts it better be a compiled program.
Second, hijack explicitly matches on /empeg/bin/player, that is the only executable on the system that will see a modified config.ini file.
That's why I wrote hack_init for my gps application.