Sorry, no experience with the EP-1 or the tilt transformer, but I made something similar for my sony nex and it's a lot of fun. I was looking into buying the one for the nex until I thought that for as often as I use it, my $7 solution is a better idea.

I drilled out the center of a Nikon rear lens cap and then drilled out the center of an NEX body cap. I just connected these with some aluminum foil. Works like a charm.

Has anyone used this yet?

I picked up an Olympus E-p1 on ebay for a steal and planned on selling it until I saw Lensbaby’s Tilt Transformer that uses Nikon lenses. I'm usually not a fan of Lensbabies but I have always wanted to try tilt shift photography but the cost is too high for "playing around."

Seems interesting and it only uses Nikon glass!

If anyone has used an Ep1 and wants to throw in what they think of it I would love to hear it as well.

Thanks everyone!