You are correct, there is no easy access to GACUTIL if you only have VWD 2008 installed, as far as I could ascertain.
However you can drag and drop the DLL using windows explorer into c:\windows\assembly (copy and paste not available - you must drag and drop)
If you are using .net 3.5 that should be all you need to do (worked for me)
For earlier .net versions you will need to edit the machine.config file which you will find in C:\WINDOWS\Microsoft.NET\Framework\your .net version\CONFIG .
Add a reference to the dll in the <assemblies> tag.
The format is <add assembly="AssemblyFileName, Version=0.0.0.0, Culture=neutral, PublicKeyToken=xxxxxxxxxxxxxxx" />
You can find the values you need to add by going back to c:\windows\assembly and right-click,select properties for your dll
Hope this helps.