This is pretty neat. I remember making floppy-based "distributions" back in '98 to do utility tasks (imaging Windows PCs over UDP broadcast being one I spent a long time on). So many memories of "make bzimage", hanging init scripts, reboots. So many reboots.
Charmingly, the "modern" process doesn't seem wholly dissimilar. I would echo the comments of one of the sibling comments here: Targeting this to RPi would be fun and educational. Maybe I'll give it a try.