OK...  I didn't really 
cut one in half, but I did remove almost half of the components.  The ones that control the networking part of the dongle to be exact.
I took a look at the innards and determined that part (we'll call it) "D" was definitely not necessary.  Then looking at "E" I saw Conexant (who is well known for networking ICs) on a couple chips I took a gamble that I wouldn't accidentally wipe my HDD and disconnected D & E, hooked up the HDD to the adapter then the adapter to my PS2.  Loaded a few games with HDLoader with no problem whatsoever.  Yay!  I also attempted to connect Auto Modelista to a network game (of course with the networking stuff still detached) and it didn't mess up the game entirely or anything like that.  I simply got a message stating that I should make sure the adapter is connected properly.
Attached is my "schematic" that I threw together.  Should be pretty self-explanatory.  The red lines show where things connect to each other.
Oh, and in case you were wondering why I did all this...  I'm working out the logistics of attaching something like 
THIS HERE to the PS2 for a few reasons, like the fun of it, the learning experience and also to make transferring games to and from the HDD fast and easy!  
[bonus picture of how I got the dang T-6 screws out without the proper bit also attached!]