Well, it actually *is* a need to carve up bandwidth (metaphorically speaking), as this is for customers that are going to be buying a preset Mbps on their IP, and I need to limit it to what they've bought. Let me give you a bit of an explanation and maybe that will help.
I'm setting this up for a client than plans to sell shoutcast hosting to his customers on a base per-mbps cost. So if one of his customers buys 8Mbps, he needs to be able to set it up so their IP can't exceed 8Mbps. This is kind of for his protection to prevent massive overuse and costs.
edit: I forgot to mention that this will be used on virtual interfaces (e.g. eth0:1, eth0:2, etc), which seems to rule out a few of the things I've found as they're designed to work on physical interfaces only.
I'll certainly take a look at that script though, if it can do what I need, that's great. Thanks for the pointer!