your script output:
tc@fisso:/tmp$ sudo local_initramfs.sh microcore.gz scenic_microcore.gz
Including modules from: alsa-modules-2.6.33.3-tinycore
Including modules from: input-joystick-2.6.33.3-tinycore
Saving soundcore.ko.gz...
Saving snd-wss-lib.ko.gz...
Saving snd-opl3sa2.ko.gz...
Saving snd-opl3-lib.ko.gz...
Saving snd-mpu401-uart.ko.gz...
Saving snd.ko.gz...
Saving snd-timer.ko.gz...
Saving snd-rawmidi.ko.gz...
Saving snd-pcm.ko.gz...
Saving snd-page-alloc.ko.gz...
Saving snd-hwdep.ko.gz...
Saving snd-seq-device.ko.gz...
Saving ramzswap.ko.gz...
Saving squashfs.ko.gz...
Saving 3c509.ko.gz...
Saving scsi_wait_scan.ko.gz...
Saving parport.ko.gz...
Saving parport_pc.ko.gz...
Saving loop.ko.gz...
Saving ppdev.ko.gz...
Summary of used and saved space:
---------------------------------------------
Before : microcore.gz + mod exts : 6 MB
After : scenic_microcore.gz : 2 MB
---------------------------------------------
tc@fisso:/tmp$
tc@fisso:/tmp$ lsmod
Module Size Used by Not tainted
snd_opl3sa2 7320 0
snd_wss_lib 14212 1 snd_opl3sa2
snd_pcm 37628 1 snd_wss_lib
snd_page_alloc 4016 2 snd_wss_lib,snd_pcm
snd_opl3_lib 4888 1 snd_opl3sa2
snd_timer 10564 3 snd_wss_lib,snd_pcm,snd_opl3_lib
snd_hwdep 3004 1 snd_opl3_lib
snd_mpu401_uart 2780 1 snd_opl3sa2
snd_rawmidi 10004 1 snd_mpu401_uart
snd_seq_device 2808 2 snd_opl3_lib,snd_rawmidi
snd 26200 9 snd_opl3sa2,snd_wss_lib,snd_pcm,snd_opl3_lib,snd_timer,snd_hwdep,snd_mpu401_uart,snd_rawmidi,snd_seq_device
soundcore 2640 1 snd
3c509 5968 0
ppdev 3732 0
squashfs 14728 23
parport_pc 18656 0
parport 18560 2 ppdev,parport_pc
scsi_wait_scan 276 0
ramzswap 10240 1
loop 8068 46
tc@fisso:/tmp$ ls /tmp/tcloop/
Mplayer-nodeps/ input-joystick-2.6.33.3-tinycore/
Xlibs/ kmaps/
Xprogs/ libasound/
Xvesa/ libpci/
actkbd/ ncurses/
advcomp/ ncurses-common/
alsa/ opera/
alsa-modules-2.6.33.3-tinycore/ pci-utils/
alsa-oss/ tar/
findutils/ vim/
flit/ wbar/
flwm_topside/
tc@fisso:/tmp$