I did use that package in the past with mixed results. I don't recall the details of the config (/etc/swapd.conf, I think?), but the swap files are created as programs request more memory than available. So, the situation you describe seems normal.
I originally installed it to be able to run ethereal, which needed 80MB free to start-up. Swapd did allow me to run it, so it worked as advertised. In your case, you could try to run opera and open lots of windows.
Now I have a 6GB microdrive, so I just created a permanent swap partition and uninstalled swapd.
Good luck!