Well, I finally got my thin client booting. In the process I learned more about Linux than I ever thought. The next few blog posts will be dedicated to explaining the path that I took.
Hardware: Wyse S30 Thin Client 64mb Flash Drive / 128mb RAM
First I tried Ubuntu, amazingly it would boot and run on the thin client. The problem was not until after the install. For some unknown reason the thin client would not boot off of the USB stick using Grub. Although I had Grub installed in the MBR of the USB stick, the bios in the thin client would not boot using this strategy. I found this peculiar due to the fact that I could boot the Ubuntu Installer from Usb. Investigating the issue, I found that the Wyse bios seemed to only boot from USB when using Syslinux and a Fat32 partition as opposed to Grub and an EXT2 partition. As a last ditch effort, I also tried configuring the boot partition as Fat32, but Fat32 will not support the required file options for the Linux Kernel to boot. This led me to take what I thought was a clever path and it is something I have done on other *nix systems in the past. I tried installing Grub to the MBR of the internal flash drive. Then I could set up the initrd with USB drivers that could then load my USB stick. The problem with this was that I could never seem to get Ubuntu to recognize the internal ATA drive properly. It was at this time I knew I needed to find a distro that allowed more initial configuration than the Ubuntu Installer would allow me.
These problems will lead me to Gentoo! More to come in 3-5 days.