Booting from CF to PCMCIA adapter doesn't work!
The only way to boot a PCMCIA, is with an 2MB/4MB PCMCIA Flash prepared as Disk instead of RAM.
Unless you make a special floppy disk that loads compactflash.device, mounts CF0 etc... and then reboots. That way it will work.
Your best bet is to get the CF to IDE adapter that works like a charm as a real hard drive and just use CF to PCMCIA for your daily transfers with your PC/MAC.