1 Password has released a beta that fixes the Safari 4 issue. Choose: 1 Password > Preferences > Updates and make sure Include Beta versions is checked.
If you’re like me, and you’ve come to rely very heavily on the 1 Password password management software, you were probably disappointed to find out that 1 Password “breaks” when you install the Safari 4 Beta. Luckily, I’ve found out how to restore 1 Password functionality to Safari 4, and it’s a relatively easy process.
As this involves modifying an application, if you’re at all nervous, you should probably avoid this.
While Safari 4 is open, choose About Safari from the Safari menu. Make a note of the build number, and quit Safari.

Next, in the Finder, find your 1 Password application in the Applications folder. Ctrl-click the folder, and choose Show Package Contents

With the Contents folder open, navigate to Resources > SupportedBrowsers.plist. Open this file in your favourite text editor.
If your text editor has line numbers, look around line 67 or so. You want to find the Safari key.
When you find the Safari key, look for the line . Underneath that, you’ll see a string. If you don’t want to delete the line, you can comment it out, which is what I did. Replace the deleted/commented out string with , just as I’ve done in the image below.

Save the file, close your text editor, and re-open Safari 4. Select Customize Toolbar from the View menu, drag your 1 Password icon to your toolbar, and voila, 1 Password functionality is restored!
You’ll have to edit the application with each new release of the Safari 4 Beta until the final version is released.