I am having the same problem with Developing for Android 4.0. Loader is not finding the dependency files and throwing an unknown chromium error. While I agree that there may be a work around for this ... it is not viable for us because we are in our final development stages and need to troubleshoot problems on the actual device itself. These workarounds do not address this. As far as using the SDK builder, our development machines are Windows based machines, thus the Sencha builder is currently of no use to us.
It is hard to believe that ST2 has made it this far and is about to hit a frozen API Release candidate version with such a significant bug in it. I understand that ice cream sandwich is only about 1% of the market right now, but with its anticipated full release and upgrade to hit all eligible devices in April, you would think that this bug would be a higher priority and would have been resolved by now.
Even if it turns out to be a phonegap issue, I think it would be smart for the ST team to find a packaging resolution that works well with phonegap.