Sort of. I've done this with NetRestore images, but I've never tried creating what Windows users call a slipstreamed disc.
What you might be able to do, is just make a "virgin" 10.5 install onto something like an external HDD. Booting it would be optional. You can then download the 10.5.8 combo installer and point it at that HDD, and it will update the OS to 10.5.8. After which you could use the restore function of disk utility to essentially clone that drive to any other.
It's not quite the same as what you're looking for, but it should more or less achieve the same purpose.
Of course I am assuming you're looking to make an updated OS install disc, not some kind of LiveCD type thing. It should be possible to do that as well, given that the Mac OS X installer is basically a stripped down OS X booting off a DVD, but I would think your primary issue would be one of space. The 10.5 install DVD is a DL disc, though if you go in and get rid of either the x86 or PPC stuff, you can shrink it down. You would also need to make sure that the OS was configured to boot into a read-only mode, probably using RAM disks, and there may be some programs which will not play nicely with this config.
The last retail release of Leopard was 10.5.6, but further updates are available from the website to update to 10.5.8. Is it possible to create a DVD that will boot 10.5.8 directly ? If so how ?