Personally, I use ADBWireless with my G1 on CM5 because I had problems with the USB driver working correctly between my computer and my G1. However, I had problems with this app in CM4 (to test against Android 1.6) on my G1.
Note, however, that it connect to the device via ADB via wifi, not Bluetooth.
You'll pull up a command line on your computer and type
adb connect xxx.xxx.xxx.xxx:5555 (x's being your ip address of the phone over wifi). You'll have to run this in the platform-tools directory of your Android SDK, or you need to add your Android SDK platform-tools directory to your global PATH variable so you can run adb from anywhere.
Your phone will show up as its
ip_address:port_number in the list of devices to push your application to, just as if it was plugged in directly via usb.