Well, I'm almost at Moam CD 0.4 Last night, I was able to add the C development environment. Since DeLi is based on uClibc, the basic C development was tiny--I was able to get all of the tools and include files needed to compile MaraDNS and still have the entire system fit in under 34 megs. So, it looks like I will very easily be able to fit all of the system on a Business card CD.
The only thing I have to do is get the kernel and initrd to work. The insmod with initrd couldn't even see the printk function in the kernel, so it looks like I will need to recompile busybox in the initrd. My plan is to make busybox static there, so I can have a static busybox which will allow me to unmount the CD correctly when shutting down, which will make getting the CD out after reboot easier.
The latest MOAM cd is here http://www.samiam.org/moof/moam-cd-20070605.tar.bz2