You could do that, but;
A: The CF card would need to be formatted as an Amiga HDD, as the Amiga cannot read any PC file systems on an IDE bus.
B: Due to the above, you'd need to use WinUAE to move files to & from the CF card, as the PC cannot read Amiga file systems. That & PCs screw up uncompressed Amiga files.
Here is my suggestion. Buy a Zorro slot sidecar & a Buddha card. Then you can have up to four IDE devices at once. I'm thinking a HDD to install your OS on (plus storage space), then add a CD drive to transfer stuff from the PC 
PZ.
If i am not completely misstaken:
"the Amiga cannot read any PC file systems on an IDE bus"
Yes you can. as long as you have a proper mountlist for the HDD in question. However. you cannot boot from it.
"Here is my suggestion. Buy a Zorro slot sidecar & a Buddha card. Then you can have up to four IDE devices at once. I'm thinking a HDD to install your OS on (plus storage space), then add a CD drive to transfer stuff from the PC"
Why not a zip drive while your at it....