LFS is very much alive and kicking.
(Assuming you've never done anything like this before,) I suggest you start out following every detail of the latest stable book TO THE LETTER. Once you're done, you will feel proud of yourself. You might not be as slim as you want, but that's ok. I reccomend that you do it all over again. But this time, try mixing and matching from the development branch (use your own judgement). Look at all the available configurable options for each package (not just --prefix and the others described in the LFS book). Read through the hints database and pick out what you like (the hints, unlike the book,
could be outdated, but usually they're helpful). My favorite hint was called something like `More Control through Package Users'. If you do the second build process right, you should have (at least a few minor) problems
. This is not a bad thing. After one build, you get a feel for what a distribution is all about. After the second or third build, you get a feel for how to get different parts of different packages to interoperate (good linux problem-solving skills). Afterward, you have the confidence to go on to B[eyond]LFS, and install packages that exceed the bare minimum.
The best thing about LFS is that you can do whatever you want. Remember, it's:
Your
Distro.
Your
Rules.