This didn’t work the first time I tried it and now it does. For some reason eth0 and eth1 get switched on the 64bit CentOS 5.7 build which causes routing problems. This can also be solved by fixing the static routes in /etc/rc.local. It bothered me to have these interfaces have different names depending on what OS is running. I think there’s also a way to force this in /etc/udev/ directory by adding a persistent-net rule file. It all works now.
BTW: I also changed /etc/sysconfig/hwconf but don’t think that had any effect.