The CF-to-CEATA adapter seems to work -- I've got a Sandisk Extreme-III 4GB CF card in the notebook right now, installing Kubuntu-kde4 onto it.
Mmmm.. not bad. I'm typing this from the new Kubuntu installation now. The Sandisk-III card doesn't support UDMA, but it does do multi-word DMA "mode2", which maxes out at a theoretical 16.6666MBytes/sec. In practice, it is achieving 14-5MBytes/sec. Decent. The old Toshiba drive was good for around 18-19Mbytes/sec.
So the adapter does seem to be wired okay for DMA use -- many are not. And now I have a (temporary) silent notebook. Eeery.
Cheers