HD Install :: Read-Only Compact Flash
Uhmm... using a non-frugal HD install on your cf?
ouch!! That will kill it pretty fast, or so I'm told - I haven't tried 
Also, unionfs is only available to frugals afaik. And though I suppose you could manually remount all your directories to a ramdisk - I'll still suggest for you to use a frugal installation.
original here.