I now have suspend working on my new T61. It was an easy fix after all, I had just not read thinkwiki
close enough to find the answer. As you will see below "acpi_sleep=s3_bios" is for Intel graphics cards and "acpi_sleep=s3_mode" is for Nvidia cards. I have confirmed that "acpi_sleep=s3_bios" does not work on the Nvidia chip but "acpi_sleep=s3_mode" indeed does work. Also note that I have the Atheros based thinkpad wireless and have not had any issues coming back from suspend and my wireless failing, which is an issue mentioned in the link above. It seems like an issue isolated to the Intel wireless cards.
# Should we save and restore state using the VESA BIOS Extensions?
# Should we attempt to warm-boot the video hardware on resume?
# Set the following to "platform" if you want to use ACPI to shut down
# your machine on hibernation
Then add 'acpi_sleep=s3_mode' to '/boot/grub/menu.lst' like so:
kernel /vmlinuz-2.6.22-14-generic root=UUID=dcf288e6-5431-4f65-bd88-2a6f58c02fae ro quiet nosplash acpi_sleep=s3_mode
After that my suspend worked just fine. I never use hibernate so I haven't even tried it but I imagine it may work too.