Apparently there are "long neck" CF adapters that do exactly what you suggest, but these are generally meant as test rigs and not really built to stand up to mobile use.

Right now I'm looking for a "PCMCIA socket extender" with some built in power protection (fuses, etc) so I can do work on the physical card without having to fear blowing out the PCMCIA port or other internals in the laptop...

Any hints on such a beast under $100?