I've considered this before, and contacted my electronics engineer friend to see if she had any insight. Never heard back from her though.
Probably because sd cards and the like (micro-sd, etc) are serial in nature. The chip on a Hucard is a parallel setup.
So, you'd have to have RAM to hold the converted image, and a serial-parallel translation circuit....
Which would require some kind of clock for the conversion circuit....etc.
See why she never replied ?
BTW, that's also why you won't see a USB type card. Same problem.
Personally, I'm waiting for charlies ide circuit. I think it would be neat if we could hook it up on the expansion bus on the turbo, and use a 'new' system card to transfer images to ram on the card from a hard-drive. Or even a from a newer cd drive.