it won't work. The /lib/modules/* is only good for the kernel compiled by Klaus, any customized kernel won't like it, even you cheat and change your kernel tag to '2.4.21-xfs' You must do a full HD install and then the remaster from there(or at least expand the compressed image) and build from there.

It is a myth that one can just replace bzImage(vmlinuz), there is another 30M+ modules that must go hand in hand.