Here's what I have so far:

o=onelinebot;u=$o:one.$o;t=twitter.com;h=http://;alias a=alias;a w=while\ read;a c="curl -u$u -d";c track=$o ${h}stream.$t/track.json>t&tail -f t|w t;do echo $t|grep -Eo '"screen_name":"[[:alnum:]]+"'|cut -d\" -f4|w s;do c '' $h$t/friendships/create/$s.json?follow=true;done;done

It's two tweets (280 chars, down from 417) and it's not quite functional... This one will track "onelinebot" instead of "one line." It's basically the same as the original post, but with lots of nasty substitutions.

I figured I'd share, because I really need to get back to some other work - if you can get it working, please share.