Although you cold use vLite (this is used to "strip down bloatware in Vista) I don't think this is a useful exercise at the current time -- remember this is a BETA which is effectively the "Ultimate" version.
When Windows 7 hits retail there will be a number of different versions with different features in them so your "trick" probably will be of no use at this time.
However if you still want to try then use vLite to "slipstream" your Windows 7 iso. vLite - Windows Vista configuration tool
OK I know it's vist but it works for Windows 7 as well -- be careful what you remove - if you remove some core features your system probably won't boot.
I've installed the x-32 version on a small 1GB netbook which came with XP.
Even with the lowly "Atom processor" the netbook ran the full build of 7022 (x-32) absolutely OK so I don't think messing around deleting stuff is worth the effort (unless you are trying to boot on an 8GB usb stick).