Yes, it's very similar to the jslinux project. However, I added more hardware (it can boot a real bios: seabios). Also, I'll make this open source.
I had a quick look at the minified source. its pretty hard to decipher (method names have been renamed too), unlike traditional minification which you can recover by just reformatting.
Otherwise yeah, you can just run it through a whitespace-remover. There are also often options on e.g. the YUI compressor: http://refresh-sf.com/yui/ and Google's: http://closure-compiler.appspot.com/home