If you're looking for a minimal debian image, debootstrap is probably the best way to get one - certainly its result is likely to be more minimal than a live CD.
And if debootstrap is too minimal have a look at the debian 'standard' live iso. This is a headless install that has the package management &c.
I find it useful as a live image and as an installer that allows off-line installation then subsequent connection to the internet to install a customised desktop.
