The jQuery framework would help you in synchronizing the JS and DHTML events. As far as other projects that use this, I'm not aware of any, but a grid model seems like a good way to go. Just make sure it's more precise than the 125px you currently have :)
EDIT: The website that was mentioned in the DHTML book I mentioned in my comment was http://www.panic.com . You can take a look at their JavaScript code for some inspiration, as they implement a drag and drop system for downloading their products.