Ok, thanks for the kloader trick Christer, It worked from the miniroot
just having the CF mounted, about the power management:

 Have you / Could you try with "apm -z -d" or "apm -S -d"? What does it do?
I've tried this with the miniroot but apm it is not included and if I
try to grab it from base.tar.gz and copy it to the CF, it gives me a
syntax error!???

And about my trick to load the kernels with ramfs, I just want to
remark that I have WinCE 2.0, so I'm using an old version of hpcboot
becouse new versions are not being compiled for WinCE 2.0 anymore, so
if you use WinCE 2.11 you probably can jump the step 2. If fact, I've
realized that with kernel 3.0 I only need it when I try to boot the
image gzipped, It just boots OK directly with the wd option when the
image is uncompressed.

(Christer, sorry for the duplicated message, I first send it to you
instead to the list)