Well, I'm unsure if the camera will recognize the Wi-Fi Adapter in the CF slot. However, why wouldn't you simply have the W-E1 in the SD card slot and then the SD card with the SD-to-CF adapter in the CF card slot?

Also note that you may have to use the slim version of the SD-to-CF card adapter: http://www.amazon.com/gp/product/B00...edigitalpic-20