Huh, looks pretty similar to envuidgid(8) from daemontools. [1]
Another plug for daemontools-encore (last one I promise). The setuidgid(8) program in classic daemontools doesn't set supplementary groups, and a lot of people I know just end up just using sudo in their run files. If you use daemontools-encore though, you can just use `setuidgid -s` instead.
PS. Really, daemontools-encore should imo be called daemontools 1.x, but you know how djb feels about forks of his projects...
[1] http://cr.yp.to/daemontools/envuidgid.html