How many IDE controllers does your mobo has? Many many 486 boards with onboard controllers have two IDE channels, which means you have two IDE ports to connect a total of 4 IDE devices. even if this is not the case, you can always slap a Promise IDE PCI IDE controller on it.
This means, you can connect your HDD and CDROM to the first channel, and connect this device to the second. I'm sure it will populate both master and slave position of that channel, you cannot add anything else.
In short:
IDE controller 1: HDD master, CDROM slave
IDE controller 2: This device as both master and slave for two CF cards.
You will not need any DOS drivers, since CF(s) will be recognised as HDD(s) by the BIOS and it also will allow you to boot from it, but forget about hot swap under DOS. It will recognize it as a fixed drive of certain parameters at BIOS level during boot up, and anything else you will connect to it afterwards will cause problems.
If you have auto HDD detect function in your BIOS, let it find the parameters for your CF cards. If you will not parttion your CF card, max. size you can use for DOS will be 2GB and no more.
GA-6VTXE PIII 1.4+512MB
Geforce4 Ti 4200 64MB
Diamond Monster 3D 12MB SLI
SB AWE64 PNP+32MB
120GB IDE Samsung/80GB IDE Seagate/146GB SCSI Compaq/73GB SCSI IBM
Adaptec AHA29160
3com 3C905B-TX
Gotek+CF Reader
MSDOS 6.22+Win 3.11/95 OSR2.1/98SE/ME/2000