Hi, I don't know if you've solved this yet (or given up..) but I had the same problems, I use FC3, and I had to install the xorg-devel package ( up2date --install xorg-devel ) that got me past this step.. then the compile failed again with something called nasm ( up2date --install nasm )
Once I'd done those, it compiled fine... but I then had an error when I loaded my ppc.conf file saying it couldn't find video.x i seems that this file had been created in the directory I compiled in. So I copied it to a known location and put the full path in the ppc.conf file...
And then my PPC booted up
And now for my next trick... I'm going to attempt to set up networking... wish me luck