So you want a minimal config.
What arch? i586, i686 or x86_64?
Do you want all the network drivers built in or do you just want the most common ethernet drivers builtin?
Do you want wireless network drivers?
What languages do you need to support?
Do you need sound? (alsa not built as modules is a bad idea imo.)
You need display support?
Which file systems?
The problem is that the more you build in, the bigger the kernel will get but you don't need an initrd. The less you build in the smaller the kernel should be and the initrd/initramfs will be bigger.
Also, if you find a bug, you can't just unload a troublesome module if it's built in.
Unless you are building an embedded kernel for a specific device; like an arm based machine, there really serves no point in what you are trying to achieve.
If you can tell me why you want to do this and answer my above questions; I could provide you with a config to try.