You are correct, in the photo you linked, the CF adapter is powered via pin 20 of the IDE connection. You can barely make out the "P20VCC" jumper on the SBC1 directly behind the connector. Being able to use pin 20 for VCC to the CF adapter is the cleanest solution. If you decide to use a cable where pin 20 is blocked, I'd suggest removing pin 20 from the connector included in your kit before soldering it, to avoid having to cut the pin later :) Doing that will naturally mean you have to use the floppy-style power connector to power the CF.
During development, before I added the P20VCC option, I used a floppy-style connector, trimmed to only have one 5V and one GND wire (12V and the second GND cut off), and I connected those to the power terminal of the SBC (in paralell, like a tee).
By the way, if you choose to use a full-wired IDE cable (pin 20 not blocked) and power your CF-adapter via "external" power, do not install a jumper on the P20VCC jumper location. This is to prevent feeding 5V DC on pin 20 to devices that can't handle it...