I just did this yesterday; you can pretty much just follow my CentOS 5.1 Minimal VPS Install Guide.
The differences are:
- When you get to the “More Minimizing” section, yum -C grouplist will show a package called “Yum Utilities” which you probably want to leave installed.
- The Deployment_Guide-en-US file is not there so you don’t need to remove it.
I should also note that downloading a 3.9GB DVD ISO image in order to build a ~700MB installed OS may not be very efficient. I didn’t bother looking for a network installer but that might be the way to get this done faster.