In case you all haven't noticed, if you wanted to create a similar
interface to gnome on my FC-LT package selection, all you need to do is
configure XFCE. Like GNOME, XFCE is gtk based, and there is already a
great Bluecurve theme.
Anaconda, the RPM's, the appearance, would all be like Fedora Core, but
you have to remember that in order to create a release that is
appropriate for lower end computers, there need to be changes. No one
would expect a LT distro to be everything that a regular distro is. If
the KDE apps can run w/o the desktop environment, feel free to remove
it. If you can find apps that are as capable and small as the kde ones,
feel free to remove them too.
If you want to switch GNOME back to the version distributed in RedHat 7.3, that would be light enough for a FC-LT.
If you want to re-write GNOME to make it faster and lighter, you can try that too, it might be light enough for FC-LT.
My idea is not so much about making a 2 CD version of Fedora Core as it
is about putting together a light linux distro that has many of the
benefits of Fedora Core, including compatability, anaconda, bluecurve
where possible, system-config-* utilities, and a fast release cycle.