Mine now is equally modular. grub4dos bootloader, minimal base system initramfs + busybox, the rest in sfs's that are selectively symlinked into that. I only insert the sfs's into initrd and then build that initrd into vmlinuz so that I just have a single file (10MB vmlinuz) that when booted has framebuffer/cli/wifi/ssh/vnc functionality.
Fundamentally whilst very modular that could be added to, I have no need to add modules, as the boot into a framebuffer (graphical) cli that includes mc, vnc and ssh ... is enough. With that I can vnc into and share ... whatever. For instance I boot that system on my laptop and can vnc into my desktop (vnc server) that is running Fatdog and that is connected to the TV. Simultaneously I can also vnc into that server from my phone, so all three are seeing/sharing the exact same desktop. If I set the server to boot Windows/whatever in a kvm/qemu then again all of the devices see/share/control the Fatdog and Windows sessions. So its more appropriate to add modules/programs on the server side, not the client.
But yes, if I wanted to add say a diary program to the setup, a sfs for that and mounting/sym-linking it in would have that module 'loaded', in a similar style to tinycore. As could the intird and net.sfs/mc.sfs also be separated out of the vmlinuz and loaded in a similar 'modular' style.