well it depends on the footage, you do undertand that a antialiased zdepth does not produce andy significant advantage here. You could blur the borders for this effect anyway piror to blurring. Aloso the alpha can teake care of this if it happens to be suitable.
Im not realy a comp guy tough so my solution is not probably production ready.
some additional tought tough.
Sometimes its worthwhile to render out a seperarate double sized z buffer. it might sound like overkill but zbuffers render out pretty fast, because tehy are optimized for speed (after all dmap shadows are just zbuffers). On the same lines if you use a sampler like mr where you can get a double sized frame for about teh same calc time as a single sized since you can drop smapling one notch, and then resample down. I rarely do this offcourse becaus eit does not provide any additional benifit.
To tell the truuth the only real way to GET a realy realy good zblur is to do it inside your 3d app at rendertime.