The program is lying around, a small footprint livecd could be done if you want. But I don't see any reason to do it, since there is already working alternatives.
In case of interest, much of the distro-cutted-down work is done in the microSuSE universe (which also targets i386):
http://en.opensuse.org/MicroSUSE
as another option there was a suse live evalution, I don't know if it's still uptodate, but could be easily updated and hacked to suit this need.
For more general advice on this, there is an article in lj about how to do your own livecd:
http://www.linuxjournal.com/article/7233