Slow work this.
Slipstreamed WMP11, Hotfixes and so forth, creating zip packages at each stage before proceeding.
Created initial build with nLite. Next step is to integrate the Driver Packs. Then I'll have an ISO to test.

The appealing part of all this is that I can potentially create a *Universal* install disk, install it in VMware, spruce it up with apps and so forth, then export it for use on a *real* computer. With all the drivers there already it shouldn't be too big a deal. Documentation exists for doing this (V2P) at the VMware site.

Also, found an interesting tool called "Windows Updates Downloader" here. It does what it says.