I've stripped the Debian 7 image (release 3) for the a10 lime to about 200 MB disk/20 MB ram usage. It has no X, a very restricted set of packages, DHCP enabled on eth0 and only ssh on.
 
https://raymii.org/s/articles/Olimex_A10-OLinuXino-LIME_minimal_debian_7_image.html

This way you can build up for your project instead of slim down, without much effort. apt-get install is easier than slimming down linux