The swap is set in the /etc/fstab file. Nothing to do with make config.
Did you botch your inittab file?
Look, something makes me think you have more than a kernel problem with your installation. I have never seen anyhthing like this string of errors that you have. It's just a new kernel, right? I make new kernels every day, get a missing driver here or there, build them, done. It's not that complicated.
Boot into run level 1 and see if that works.
Your initial kernel still boots ok?
I'm gonna be at the box less frequently for a while - take a little trip and have sporadic access to the net.