Sorry, not at home right now so I can't share my fstab. Probably wouldn't help though as my problem was with usbdevfs. Yours could be a problem with the initial ramdisk trying to mount with devfs when the readonly mount is done. Do you see anything at bootup about module devfs not found? You might want to try to compile a new kernel and skip using initrd in lilo. Another thing to try would be to activate devfs in the kernel but not anything for it:
CONFIG_DEVFS_FS=y
# CONFIG_DEVFS_MOUNT is not set
# CONFIG_DEVFS_DEBUG is not set
I have "# CONFIG_DEVFS_FS is not set" but it might be worth a try.