make configure-host and binutils 2.14 have not been used since LFS 5.x. I am afraid I do not know how to solve the problem. I can only suggest using a newer livecd & book. Current stable is 6.1.1, your hardware can easily handle it so there's no reason not to and you will get far more help using 6.1.1 if you run into problems.
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should take less then 20 minutes (on a P4 3.0 GHz, using LFS live CD).
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should take alot less time than that. Is the live cd really that slow? using a debian host on a 1.7GHz athlon I get 1 SBU= 3mins & 44 secs...