Joel,
Information about the implementation of SCORM 1.2 on OpenACS/.LRN can be found here.
Unfortunately (due to lack of funding), the SCORM project has slowed down considerably.
However, there are a couple of interesting things that have come out of the work on this project:
OpenACS is now IMS Content Packaging and Metadata compliant and Adam Ullman -a student at Sydney Uni- did a java applet to be use as SCORM Run-Time Environment -client side though.
Quite a bit of further work needs to be done to be fully compliant with SCORM. Hopefully in the near future, we might be able to get some resources to do this.