How to create initramfs and squashfs at same time?

Hi all,

At my own developing project, we would like to create initramfs with tiny rootfs system.
The tiny rootfs system will check bad block and hardware info to mount real rootfs(squashfs).

My question is: is it possible to create initramfs(tiny rootfs system at special folder) and squashfs(real rootfs with full function)?

We try to enable following options at kernel, still not working.

[*] Initial RAM filesystem and RAM disk (initramfs/initrd) support
    (${KERNEL_BUILD_DIR}/initramfs) Initramfs source file(s)

Any suggestion is great. Thanks for your time.