Sorry...no slap intended! I just wanted to let you know what was out there, and didn't realize you had a lot of knowledge about Nikkor lenses. I feel like I was preaching to the choir.
One other thought that came to me last night (sorry I haven't been online since I wrote my previous message)...there's always the Nikkor 45mm lens in either the old "guide number" configuration or the newer "chipped" version. That'd make a pocketable configuration with the FM for about the price of the Ultron...actually a much smaller package. I imagine a decent guide number 45mm Nikkor would probably set you back about the same amount as the Ultron.
I admit that I never bought a lens for the FE2 with any thought about the size of the lens. I use the FE2 when my primary purpose is to photograph with 35mm, so I've not been bothered by the bulk of the lenses. I've been expanding my set of lenses lately, given the bargain prices on old manual focus glass. I'm stunned at just how inexpensive Nikkor lenses have become, although I expect that the release of the D200 will cause a jump in the price of Ai lenses.
For pocketable, memo-style photography I tend to grab a Contax G1. It's a nice small camera that can capture images with amazing quality...nowhere near as flexible as an SLR but that's why I have the Nikon.
Best of luck.