Not real familiar with initscript but the man page here talks about it:
The mention there of /etc/inittab makes sense of your message to me.
In /etc/inittab you'll see lines that have the word "respawn" in them.
respawn means start the process and every time it dies start it again.
"respawning too fast" is an indication that the process is dieing every time it starts.
So the first thing you want to do is "vi /etc/inittab" and look for the mingetty items that are set to respawn. You can change those to "off" then save the file. Typically you would then type "init q" to reread the inittab. (I'm not sure how this works with initscript because it isn't on any of the systems I'm familiar with.) This should stop the error long enough for you to determine why the command being run is failing.
Once you've done that you can test the command from /etc/inittab to see what errors it is giving. Once you've figured out why the command is erroring out and resolved it you can change the entries back from off to respawn.