OK, after about a week of kernel hacking, I found the problem.
It had to do with the LAPIC, but the kernel code does not check if you have said nolapic or not at that stage, and the machine was going into a panic before activating the console to display messages.
The way to get the machine going is as follows (with Mandrake 9.2):
1) Download the 2.4.22-10mdk kernel-source.
2) Make sure you have GCC 3.3 (GCC 2.95 reports syntax errors in the kernel despite the kernel only complaining if the GCC version is <= 2.91)
3) Compile the kernel in a subdirectory, after making these changes in make menuconfig:
-first enable LAPIC - this gives you the IO APIC option
-enable IO APIC - this supplies the IBM Hotplug option under hotplugging
-disable the IBM hotplug (otherwise make exits in make modules_install because of unresolved dependencies)
-then disable IO APIC and LAPIC again
4) when you have finished the make modules, do a make modules_install with an INSTALL_MOD_PATH option, and write the modules directory and the necessary system files onto a CD.
Now get a copy of the first CD of the slackware 9.1 distro - this has ISO fs support (and vfat) builtin, so will allow you to mount the CD-ROM you have just written.
Install mandrake 9.2, choosing to use the alternate kernel (alt1) at bootup. This will allow you to perform the installation, but will install the alt0 kernel onto your system, which will thus not boot.
Now boot the slackware CD. Once you get to the prompt, mount your linux partition, and inside that, mount the CD with the compiled kernel. Then chroot to your system, copy the modules into /lib/modules/linux-<kernel version>, and the system files into /boot, and update lilo.
This new kernel should now boot.
Cheers
TheKro