It simply won't work that way. the CF slot is really an IDE-only slot. It is only wired to the IDE controller and not to the PCMCIA controller at all, so any IO cards won't work, only CF flash cards (up to any size, that is an advantage though)
You will need a PCMCIA--> CF adapter to get the card working, and plug it in the PCMCIA slot. That should work, if supported at all.