Doing installations across the network requires PXE boot stuff to be available on the destination machine. It's pretty simple to set everything up, but you need a DHCP server that points to a tftpboot server. This machine then provides the network booting machine with an option of boots to try.
Setting up the network install of FC4 is pretty simple if you follow the instructions on the DVD. It requires a bit of thought, but you can have your kickstart.cfg and rpms all on the network - I know we did exactly that. All the destination machine needed to do was boot via PXE, then select the right menu option on the screen (although a default can kick in after a set time period). This is also how diskless workstations boot by the way - PXE, then grab the kernel etc off the tftpboot server.
If you are creating a custom CD to install, I'd try to cut things down from the DVD ISO first. The CD install is built to ask for different disks during installation. Taking one of these disks and then adding/removing stuff might prove too difficult. With the DVD install disk, everything comes off the one disk already, so just keep hacking out stuff you don't need until you get it down to the right size.
I suppose the easiest thing to do is to get a network or DVD install built with everything included, then do an:
To see exactly which rpm's were installed at the end of the day. Then cut out everything that doesn't get installed.