I cancelled my transfers and took the 5% special transfer wire option. Funds landed in my bank 3 days later.

What's this?

MtGox's bank will do one manual transfer a day for them, at an eye-gouging rate of commission.

How do you set this up? Wouldn't it still be profitable with the 8% spread between Bitstamp and Mtgox?

Not really, the wires take days to go through.