compressed network bootable

[galto]

I'd like to do a compressed single image bootable CentOS install. The general procedure I'm familiar with (lots of how-tos and tutorials on that). My question lies with the initial setup.
So far, every time I've done this, the process is to set up a 'golden' machine then use that install as an image.
I'd like to do something different.

I'd like to 'install' CentOS from the various RPMs and packages without booting the install disk. Now, I know I could to linux from scratch, but then it's not a CentOS install.
I've done LFS and network bootable images, but I'm a little rough on where to start 'installing' CentOS without booting the install media. My google-fu has not helped me. Perhaps your google-fu is better than mine and you can point me in the right direction.

Do you think a how-to on what is involved would be worthwhile if I can get this working?
Or is this whole idea dumb?

My thoughts so far:
Create partition
Copy kernel and make the compressed boot image...

Now this is where I get stuck, how do I get the CentOS version of the Linux kernel from the boot media?
What packages do I install? Can I install all of the RPMs with --prefix into the new partition, or should I chroot? How do I resolve the dependencies? (I'm installing the packages to the partition, not my system)