little update...
not everything works correctly for me...
first, I tried to copy files from jffs2 filesystem and found some files unreadable.. eg:
tar: initrd.d/etc/terminfo/v/vt100: Nie można stat: Błąd wejścia/wyjścia
in english it's mean "I/O Error" ;-)
I have tried to use jffs2dump on initrd.bin from OZ 3.5.1 and got error messages like this
 Wrong bitmask  at  0x00e1fffc, 0xffff
second problem,
I tried to create new (smaller than oryginal) filesystem. I just removed /opt/* dir (I plan to move it to CF card)
mkfs.jffs2 \
    --eraseblock=0x10000 \
    --pad=0x800000 \
    -r initrd-fred-0.2  \
    -o initrd-fred-0.2.jffs2 \
    -l -f -q  \
everything looks fine, but my Z (sl-5500) won't boot
ah,
one more thing:
my workstation works on Linux-2.6.7 
and my Z is SL-5500..