Could master your own text based iso. Might look at
www.SuseStudio.com and create what you want. Its the way I make quick and fast Suse and OpenSuse builds. Fedora has a way too as well as knoppix and Gentoo and even LFS.
Could look at the G4U iso/floppy's. It's pretty basic. Could add in or master a version for yourself. It's netbsd based.
Puppy, slitaz, slax, dsl and such are pretty small, if you can do without that maybe see about putting Tom's boot on a cd or pxe it. Tom's is unmaintained but still one of the most linux on a floppy.