Thanks curaga, I have it working now but I have a few questions.
1. I'm dropped straight into a shell prompt after boot which is fine, but am I supposed to see some ASCI art and a login prompt?
2. May I ask why proc is not mounted automatically?
3. I have a tar archive I'd like extracted to the rootfs automatically at boot. Considering that I'm using a ramdisk, what is the simplest way to accomplish this?