If you build the drivers for your storage media and filesystem into the kernel (not as a module), and the filesystem is visible to the kernel without any userland setup required beforehand (e.g. the filesystem is not in an LVM volume, not on an MD-RAID array, not encrypted), it is fully capable of mounting the real root filesystem and booting init directly from it.
The only point of consideration is that it doesn't understand filesystem UUIDs or labels (this is part of libuuid which is used by userland tools like mount and blkid), so you have to specify partition UUIDs or labels instead (if you want to use UUIDs or labels). For GPT disks, this is natively available (e.g. root=PARTUUID=4F68BCE3-E8CD-4DB1-96E7-FBCAF984B709 or root=PARTLABEL=Root). For MS-DOS disks, this is emulated for UUIDs only by using the disk ID and partition number (e.g. root=PARTUUID=11223344-02).
You can also specify the device name directly (e.g. root=/dev/sda2) or the major:minor directly (e.g. root=08:02), but this is prone to enumeration order upset. If you can guarantee that this is the only disk it will ever see, or that it will always see that disk first, this is often the most simple approach, but these days I use GPT partition UUIDs.