Ok... I've gotten the final installation down to about 247MB after clearing out some files post-install. Thought this might be helpful info for folks looking to do a slim install, though I am sure it's still possible to strip it further.
Run a graphical install and uncheck every option - literally everything. In my case, the only things I left checked on were openssh server and client. The dependency check added in 3-4 more programs.
After the installation, I began my post-install routine and added the following packages: iptables. I then removed the following packages:
Finally, I deleted the following directories (found these via google):
After a reboot, this left me with an approx 247mb footprint. Still working on slimming it down... if anyone has any suggestions, comments, please let me know!