You'll need a powered USB hub and a USB CF reader in addition to the Ratoc card, but it should work. There's a really small USB hub that isn't much bigger than a CF card, and a USB CF card reader that's like a thumbdrive, that would make a nice portable solution. You'll probably need an external power source to transfer files to the harddrive, but may be a small issue, depending on where you're at.
Though, at around $130 for the USB card, $30 for the hub, and $20 for the CF reader, you might want to consider just moving up to a Z with integrated USB host.