Sure - the tool itself is a few hundred k, and it reserves 1MByte of buffer memory for the flashrom. You'll need a bit more space on harddisk, because the tool loads different cores from a larger selection of cores from harddisk. If you only have floppy, we'll provide a "rescue disk image" as ADF that lets you bring the flickerfixer to a known state (standard settings, conservative enough to be compatible with most monitors).
This disk will just run if you boot from the disk, and no interaction is required. It's meant for a scenario where you've mis-configured the unit and don't see anything any more on your screen.