You could use a "ebook to images" (
http://www.merlinsoftware.com/ebook/index.htm) to turn the scriptures into images. The idea is that you can 'turn the page' by advancing to the next picture. The program gives control over output format, font, font size, image quality, etc and converts in reasonable time. Downside is no table of contents. Upside is that this works with anything that will display image files.
Project Gutenburg has the text to the Bible (
http://www.gutenberg.org/etext/10) and to the Book of Mormon (
http://www.gutenberg.org/etext/17). Optionally, you can convert from a wide range of ebook formats. Try an Ensign or Sunday School manual (
http://www.lds.org/gospellibrary/pdfind ... -1,00.html)
I've also heard good things about "iPod Library" (
http://www.sturm.net.nz/website.php?Sec ... PodLibrary)
This is clearly a work around - and a generic one at best. But until the iPhone SDK comes around and we get to work, this may be the best "downloadable" solution we have. This may also be as good as it gets for iPod Classic and Nano users (or any closed phone/media player) for some time.