I don't have a case to experiment with or to photograph. You can see from the photo below how much space could be saved. Sean has an interesting solution to keeping it small too. This brings up an idea that Compaq could benefit from. With all the extra dead space under the CF plastic sleeve a lithium polymer battery could be pasted in there.
All photos are clickable to enlarged detailed photos.
The two lower screws do not need to be removed. CF Board reinstalled without the bulky plastic sleeve Note the little cutout. That is where the holding tab is located. Of course I had to show pictures of my modified Leather Cover installed on the new CF Pack. I used the extra 2in velcro left over from my project and installed it on the back.