First, check over at sourceforge to see if the pcmcia-cs package even covers IBM microdrives... I can't remember offhand if it does.
If it does, rockin, you can make a copy of the 4 install images, the kernel boot disk (probably not bare.i, probably pcmcia.i if there is such a thing), and the extra pcmcia disk drivers... If when loading that pcmcia disk (last), you should hear the two happy beeps, if so, you're good to go...
Copy all of package sets A, AP, N, and anything else that will fit that you want, onto the microdrive, proceed with installation, check dmesg to see what device the microdrive got assigned, my guess is /dev/sda1, and during the install specify your own CDROM drive, yes cdrom, and tell it /dev/hda1. Make certain to keep the same directory structure on the microdrive, so that the package sets are within a subfolder called slakware and so forth... the installer is going to be looking for the particular order.