Take a look at LFS or Linux From Scratch - http://www.linuxfromscratch.org
- while it's not exactly what you're looking for it does a very good job of explaining the workload involved in building a Linux Distribution in terms of configuring and building individual packages. It should also give you some insight into the kind of tasks we take for granted when we install an OS/distribution such as Fedora.
You could also take a look at Slax - http://www.slax.org
- which allows you to add additional packages to a rather minimal distribution and then make your own installation disk etc.
Hope it helps