Just a FYI I changed the script to install Ruby to /usr/local thanks to some input from a Github user. Also people are forking it and setting it up to install RVM so feel free to check those out as well!
Follow-up: partial output of ./configure --help in a Ruby source directory:
> By default, `make install' will install all the files in `/usr/local/bin', `/usr/local/lib' etc. You can specify an installation prefix other than `/usr/local' using `--prefix', for instance `--prefix=$HOME'.