Sounds good, but isn't there a signficant performance penalty (I've heard as high as 1000 x) using public key encryption versus a private key encryption system? I can't have the server brought to its knees while trying to encrypt a large mySQL dump.
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Filmo the Klown
There will be a performance hit, but I would expect the same hit from most encryption algorithms as well as any script running them. Another suggestion would be a secured FTP client of some sort or another similar device if you're talking about doing this "on the fly" if it's in backups, encrypt them on a separate system.