Inspired by Marc Haber's posting in de.comp.os.unix.linux.misc I was working on a small-ISO variant of grml in the last few days. The ISO will fit on a business-card-CD. Thanks to Marc for his feedback!
Finally I've a 53MB grml-ISO. I'll do some more testing in the next few days and will put the ISO online at the next weekend (~19th of june) if everything works as intended.
JFYI: I'm working on the usb-stick variant as well, stay tuned. ;-)