Warning, the following is quite ugly, but does the job :)
A while back I needed to create an archive slave database from a half a terabyte myisam master and had space restrictions. I could not dump the db, load it, then drop keys (archive doesn’t support keys apart from a primary key on one column as of 5.1), alter engine etc (would take even longer than it took either way). So an ugly single liner came to mind and worked nicely too.
mysqldump -uuser -ppassword -h127.0.0.1 -P3306 dbname --master-data=1 | sed 's/ENGINE=MyISAM/ENGINE=archive/g' | grep -v '^ UNIQUE KEY' | grep -v '^ KEY' | perl -p0777i -e 's/,\n^\)/\n\)/mg' | mysql -uuser -ppassword -h127.0.0.1 -P3307 dbname
So what is it doing?
mysqldump -uuser -ppassword -h127.0.0.1 -P3306 dbname