Yeah, but there's a problem.

Do do something actually useful, the program would have to access some data: network, disk, some sensors, etc. Network alone means scanning PCIe for the network card and configuring it, disk access needs controller also on PCIe, then scanning the ports for the drive, reading partition table, mounting the partition, etc.

All that takes a lot more than 1s. The speedup might not even be significant compared to a kernel optimized for that system (all modules built-in, nothing redundant), but full-featured, plus busybox or sysvinit alone.