ReiserFS or ext3 on USB flash drive?

[bassix-Re5JQEeQqe8AvxtiuMwx3w at public.gmane.org]

I would like to know if this is possible:

1) Installed distro on hard drive (size around 1.5GB).

2) Format a 2GB USB 2.0 FLASH drive with ReiserFS or ext3.

3) Completely move the hard drive installed distro to the USB FLASH
drive (which would be bootable). I've seen instructions for moving
installed OS to another partition, so I assume the same instructions
would work.

Has anyone ever done this? Will it work? I'm hoping to create a
"customized" distro install that I can take and plug into different
machines. I'd like to have a real OS as opposed to a live cd so that I
can still update and upgrade.

Is this feasible? Does anyone know of any potential pitfalls from trying this?

Any help would be appreciated as always.

-Steve.
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