you couldnt set it to a script, it has to be an executeable, i'm not sure how the syntax would work (quotes and stuff), but you should be able to do something like "init='/bin/sh /bin/script.sh'" but beware that by doing that, sh (bash probably) would run the script, and whenever the script exited, you would get a kernel panic and have to reboot. also by bypassing the real init, the only partition mounted would be the one that your kernel is on, and it would be in read only.