Re: Mount the image on loopback.
Well, you can't really "mount it on loopback", but what I think you meant was - if you can identify the FS, you can mount that somewhere, then dd it to a loop device created with a like file system, then munge that until you are satisfied, without permanent damage to the original. That was my thinking when I mentioned guessing the FS - and minix is a good guess if the thing lives in a Linux enviroment - as is FAT, which seems to be the case according to Hippy Dave.
Yes, you can do tools on a loop device - it's a (block) device like any other (ain't UNIX grand?) - you can have FAT loops, EXT2 loops, NTFS loops (also known as "fruit" loops) ...You can think of loop devices as tunneling for file systems. "initrd"s are just loop devices
For those who haven't tried it, enable "loopback" device in the kernel under "block devices" and play with "losetup".
-drl