Sure it's possible.
I got one up-and-running using a CF -> PCMCIA adapter, then a Apricorn EZ-GIG PCMCIA -> IDE interface that I picked up via eBay.
It's true, the Z only puts out 3.3v for the drive, which was just enough to get an ancient Toshiba drive working, but not an almost-as-old IBM, even though they both specified the same voltage.
I plan to splice a DC-DC convertor into the IDE cable, but I'm not going to until I can find the parts to make up a new IDE cable. Can't buy one as it's a 44 pin (2.5in) type, which has a different number of pins, and different spacing to the generic IDE cables in desktop PCs.
Does anyone know of a supplier with these cables?
Performance seemed pretty good, but I was copying a file from SD, so I suspect that was the limiting factor.