I'm trying it with a Wallstreet II, with mixed results.
A Syba adapter is being used (I'll take pictures this evening), and doesn't appear to contain any extras as far as ICs on the board. A Centon 8GB 133x CF card is being used. When it is connected, I can install MacOS 9 and MacOS X to it. However it will not boot from it.
When installing Jaguar, I noticed that it thought the drive was slave instead of master. I don't know if that is the culprit, but it definitely could be.
When the adapter is inserted into the IDE connector, the pins for Master and Slave are inserted as well. This also occurs with an actual hard drive.
I do have another CF to 44-pin adapter, but the way it was soldered causes some issues with the IDE connector. This one is one of the $1-$2 ones from Hong Kong.
Any ideas? I also have a slower Kingston 8GB CF card to try if needed.