If that's what you all have in mind I suggest you take a look at the app called NLite (google for it). It pretty much exactly parallels what you are wanting to do, but it does its thing on Windows installation CDs for the PC. You can remove unwanted components to save space/speed, add registry tweaks, and incorporate specially-prepared applications all to be preinstalled.
It's actually kind of interesting how closely that process compares to what we're doing with ROMs on the PPC. There are lots of differences in the actual procedures used, but conceptually they are very similar.
So for inspiration, check out nlite (it may even spur you to customize your own windows installation... beware it is just as addicting as this is. I'm nowhere near hard-core and I've spent hours and hours customizing my XP CD).
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