I found this "weird" utility which can be anyway interesting for someone.
You cannot consider it as a portable application, even because it needs the MS .NET Framework 2.0.

Homepage:
http://www.boodaa.de/index.php?option=c ... &Itemid=31

Description:
BootDisk2BootStick is a very small utility to make an image of your startup disk or clone it to a flash drive.

BootDisk2BootStick will format the USB stick to roughly the size of a floppy disk. You can format to restore the flashdrive size.

Maybe you can sacrifice a $10 stick to use as floppy...