Hi Stebla,
I'm not familiar with the Strtix DSP kit so I can't comment on that. On our custom board we run 5 address lines to the CF connector. A0 to A2 go to the obvious places and we connect A3 and A4 to CS0 and CS1 respectively. The unused address lines on the connector (A3 to A10) are all tied low.
We power the CF with 3.3v using a 3.3v version of the LP2981 switchable regulator fed from 5v the rail. We don't have any problems although we did initally find that removing the power by turning the regulator off was insufficient, there appeared to be enough leakage current through the other lines to power the card. Your RD, WR, RESET, D0-D15 and A0-A4 should be AND'ed with the power control so everything goes low when the power is supposed to be off.
I hope this helps.
Banx.