I tried something similar and came to the same conclusion as you - it's tedious!
One thing I've done recently, is to have the faculty go into student view, submit a dummy document to an assignment (they'd need to create one first), then exit student view and grade the assignment in SpeedGrader.
This has the added benefits of getting them used to using student view and in creating assignments.
The caveat is that the assignment needs to be published first and if the course is "live" that could confuse students if no other assignments are published yet. The workaround I use then is to give each faculty member a "sandbox" course site they can play around in.
I then encourage them to use student view and that graded assignment submission in class to show their own students how to access the instructor's comments as we find many students don't seem to understand intuitively how to do that.
I'm interested in what others have come up with!
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