This is theoretical, but if jsw has it working, the Macbook has similar enough hardware that it should work on yours too:
The GMA950 can handle HD resolutions without trouble if it has enough memory allocated to it, and the setup the Macs use varies the amount of video memory depending on what's needed. So, you should be able to just set the resolution to 1280x720 and go.
The only possible issue, which I'm not sure if anyone has established yet, is whether the Macbooks have the same restriction on screen spanning that the iBooks did. The internal LCD may or may not be able to scale the vertical resolution to 720 from 800, so it might not have the option for that resolution. Also, if you can set up screen spanning or better yet, output only to the external display, there is the question whether it divides the video memory like the iBooks did with the screen-spanning hack, which could leave you with not enough available vram to smoothly run HD. I know that there was a provision for clamshell mode previously that supposedly sent the full available video memory to the external display, but last I heard it was hit-or-miss whether it would actually work properly, and it was only for the PPC iBooks. Does anyone know if Apple finally removed that restrictive craziness from the Macbooks now that there's more separation between product lines?