Are you creating a 128GB partition previous to restore the Ipod using iTunes, because you are aware of the 128GB file limit? I wouldn't care about that and let Itunes do all the work. But now I suggest to format the whole card to FAT32 (using guiformat.exe), make sure, that everything sits in its place (ribbon cable, card, adapter) and start again restoring with iTunes. Be patient after completing the restore process, the iPod may take a while to finish the installation.
You could also try Diagnostic Mode and see if the iPod recognizes the storage. Before accessing Disk Mode you have to reset the ipod with MENU + SELECT.
Looking at your hardware I suspect the CF Karte zu 1,8"CE Adapter, because I use this in my Cowon A3, but the adapters for iPods didn't work there, so it might be the ZIF connector (as there is also a LIF connector, which is similar). Compare the connectors, the latch is on a different position and the notch is wider/narrower.