Hmm I must admit that custom configuring a Linux kernel, seems to offer three possibilities:

• Lean, mean, and sexy kernel build
• More modules than you can shake a stick at
• Major headaches

I'm tempted to configure for a balance between the first and second, it is an interesting idea though. If I tuned a kernel build for my very specific system, it would strip out most of the usual bloat. The downside is there are so many configuration options, that making the config might take longer than compiling Linux!