Marking this thread as solved since rootdelay=30 isnt recognized as enough as a solution when using Slackware 14.1 as opposed to Slackware 14.0, cuz Mr. Didier's link gives info about what to do with the kernel usb drivers to be loaded with mkinitrd. Please note that rootdelay=30 might still be necessary in Slackware 14.1, so I recommend to still include it in the kernel params in the "append" section of the lilo.conf file.

Thanks again to everyone for all the help that was given to find a solution. Again, please look in this thread for a link to another thread that gives more technical details as to solve the issue thanks to the Senior Members's involvement that provided the needed help.

Cheers, until next time,
Dumdadum