Yatta! I did it! It took a little work (naturally), but I got the DrMD save to work on PicoDrive. I dunno how helpful the next few steps will be to anyone else, but here's what I did.
1) I took the DrMD srm file, and renamed it save.zip
2) I unziped save.zip and it produced a file DRMDSAVE
3) There seems to be a little endian/big endian difference between DrMD and Picodrive, but very fortunately, the high bit was 00 in every case, so all I had to do was offset the DRMDSAVE by 8 bits in a hex editor (I added a 00 to the beginning and took a 00 off the end)
4) Rename DRMDSAVE to "game name".srm and put in the PicoDrive folder and voila! It works.
Hope this helped anyone else.