As for the flags, I'm just using an unmodified /etc/rc.d/rc.inet1 as it stands, out of the box.
Code:
echo "/etc/rc.d/rc.inet1: /sbin/dhcpcd -d -t 10 eth${1}" | $LOGGER
/sbin/dhcpcd -d -t 10 eth${1}
That would be the appropriate lines from the script. My card is a Linksys WMP11 v3 (Prism 2.5 wireless chipset, support in the kernel) that the kernel identifies as eth0.
On my laptop, I'm not using any flags at all... just "dhcpcd ath0" loaded from the wlan-up script I wrote. (on the laptop, it's an Atheros 802.11G chipset, identified as ath0").
In both cases, it works fine without any switches needed at all. I'm also using the unmodified, out of the box dhcpcd from Slack 10.1. It was working fine with Slack 10.0, too.
When I was on cable internet (not enough years ago, but that's a long story), the ISP's DHCP didn't support Linux. In fact, they'd managed to bork it so badly that it only supported Windows, which I'm sure was their intention. Anyway, the point is that it's entirely possible that your Linux installation is not the problem, here.