Checkinstall is not working, it gives a lot of errors if make is trying to chmod files.
But it is possible to redirect the installation to a other directory (same as DESTDIR=/work/freeradius-server-2.0.4/builds) using:
make install R=/work/freeradius-server-2.0.4/builds
Then it should be possible to make a package, install this package and remove the package again.
/work/freeradius-server-2.0.4/builds# tree -L 2
| `-- raddb
| |-- bin
| |-- include
| |-- lib
| |-- sbin
| `-- share