While you can send the Arduino serial data with this bluetooth module no prob, you unfortunately won't be able to wirelessly upload sketches unless you can change the baud rate of the device.

You see the Arduino Duemilanove and SB Freeduino, due to the way the bootloader is programmed, need a serial communication at 57600 baud to accomplish a wireless upload. If you have an Arduino Uno it needs an even faster upload speed 115200 baud.

Another thing to consider is the reset, you maybe be able to use a transistor circuit attached to the Bluetooth RTS line to pull down the Arduino reset when needed for the serial transmission to go through. A tutorial here goes into more detail.

I would probably recommend xbee or Synapse Modules for doing this. Keep a sharp eye out on the Solarbotics website soon as we will be releasing a video on not only how to program your Arduino wirelessly but how to use your EZ-B at ranges of 500ft or greater outdoors (both using synapse modules)!