Okay, it worked great. Mind you, this is on a used 20 gig iPod that isn't under Apple warranty, so no voiding thereof.
I didn't want to back up my entire system, so I just did a barebones install from the 10.3 CD. I turned off iApp installers, all languages except English, and all the printer drivers, and ended up with an OS 10.3.3 that takes up just under a gigabyte. I verified that it will boot, and that DiskWarrior will run from it.
Still 18 GB left for music!
CV