I'm thinking about a project more for entertainment/educational purposes than anything, to set up a flash drive with GRUB, Ubuntu with stresslinux packages and the like, UBCD4WIN, and BartPE + plugins to my satisfaction, in addition to maybe a virtual floppy drive system thing like the one that Master Kenobi mentioned. If there's excess space after all that, I would set it as a FAT32 partition and use it for data transfer. I have 256MB(lost cause ), 2GB, and 8GB flash drives.
Is this a feasible goal? What tools would I need? Words of warning or encouragement? I know slightly less than what I would consider "enough to be dangerous"... I've lived in Linux from time to time, leaving when I get tired of 60Hz CRT life.
(P.S. On that note, thanks Forge!)