Chicken and egg:
1. compile and install the kernel
2. compile and install GLibc
How are you going to compile the kernel without glibc?
Better question, how are you going to compile the kernel without a compiler?
I'm just giving you the gears
Seriously though...LFS is excellent. I built a LFS system after only a month of using Linux and it helped my knowledge incredibly. It really shows you how the system is put together. Also keep in mind that with a 133 it will take a long time to build the system. Seriously, like maybe a week.
I wonder though...could you use knoppix and do a total RAM install of LFS? Has anyone tried or heard about this? 'Spose you would need a ton of RAM.