OK, here is how I went about network booting Fedora 8. I'll be booting my machine from a Solaris box, but any reasonable NFS server should do.
First, fire up VMWare, and do a basic install of Fedora 8. You can choose whatever packages you want (I suggest a minimal install plus "Software Development", since you can add extra stuff later). We will be using this machine to give us a tarball of the Fedora root filesystem, plus a platform to build the initrd.