I have made a modular version of slitaz based on my own modifed linux-live scripts. Here the link below for the iso:
http://arch-live.isawsome.net/iso/slitaz/20101011/

I have made it to see if it could be done since my archiso-live project uses tmpfs for switch rooting now. I go to say that works just like my archiso-live. The only thing i have problem with is using squashfs+lzma and you can't use nohd and findiso together. But that was cause archiso-live mounted findiso command before nohd was run since it run by hook scripts.

Anyway, this release is mostly for you guys to test it out. It has alot programs for being only 129mb. I also added blender that i updated to be source based now. I have pidign, gtkpod, abiword, gnumeric, and mplayer. Also this is to tested out the new gdk-pixbuf i updated last night. I hope all png, jpeg, xpm files can be working icons on desktop now.

I hope this helps.