I read about this wonderful toolkit called Maatkit in an equally wonderful book High Performance MySQL. I highly recommend both to anyone having to deal with MySQL. I’ll definitely do more posts about Maatkit and its tools as I use them.
I’m going to be up-front now, this is not the best method to run this. In the mk-table-checksum documentation it details the use of the faster/more accurate FNV1A_64 hash UDF; I would recommend using it over MD5 or SHA1. Also, if all your slaves are accessible from the machine running mk-table-checksum then I also recommend the –replicate-check flag instead of manually running the SQL.