128MB stick works in my 1200!
about swap: why on earth would anyone want to mount swap on ramfs???????
I played a bit with puppy, by the way, however Xvesa obviously doesn't support the neomagic chipset. ...so a full xorg package would have to be installed anyhow. To get the entire filesystem to fit in ram may not be possible at all. Further more, for my use, the two applications I need running (xmms and firefox displayed from remote machine) are continually up so the speed gain of a ramfs would not really be useful.
By the way, I already do run slackware on a CF card. Readonly filesystem ensures longer CF life. var, tmp, etc can be mounted in ramfs.