I put up a bare bones slitaz.iso using a kernel build with slax. I took slitaz-rolling-core.iso's rootfs.gz and made it into a squashfs module for this iso. From what i can tell in qemu it works. I may be for some people then the current slitaz.
slitaz.iso: http://people.slitaz.org/~godane/slitaz.iso
slitaz.iso.md5sum: http://people.slitaz.org/~godane/slitaz.iso.md5sum
This is just for me to get the ball rolling again. I'm even trying to fix cookutils again with minor fixes.
I hope this helps.