This is really something that is in the works generally at the moment. Someone has managed to get a PowerBook 150 working with a CF card instead of a hard drive (link) but the 150 uses an IDE interface as standard. Other folks have also done this with PPC PowerBooks like the 1400.

It wouldn't be impossible to do this using paws' suggested configuration so if you have the means then you could be the first to get a CF card working in a compact. Go for it!