Easiest thing really is to create a local install which mirrors the packages you have installed on the remote server.
Its a great idea. I'm doing it on a spare box I happen to have.
However, one of the key reason for the Amazon Web Services EC2 machine is that anyone interested in helping/joining can exactly duplicate this setup for free or at very low cost.
Is there an easy way to use the EC2 install image to burn a boot CD?