Linux kernel tweaking/optimizing

Hardware:
Dell Inspiron 1300 notebook
Celeron processor
Built in Intel videocard
512M memory
80Hddd

OS:
Archlinux

Requirements:
1. Boot without initrd
2. Have CPU specific compiled kernel with gcc optimizations
3. Get rid of unnecessary code
4. Compile in neccessary components
5. Not to be too far away from mainstream (Archlinux) kernel

Steps:
1. Get mainstream kernel config as starting point and tweak it step-by-step
zcat /proc/config.gz > ~/config
2. There are two requirements to satisfy in order to boot w/o initrd:
2.1. Compile in neccessary HDD drivers
2.2. Compile in neccessary filesystem support for boot partition (mine is separate ext2 in /boot, so other FS types may be modular, or not)
.
.
.
...to be continued