You left out two very important steps.  Without these there will be no modules

and you will get a msg like this:

 "No modules available for kernel "2.6.29.3-july11c"

The two missing steps have to be after the make rpm and before the mkinitrd,and they are

make modules

make modules_install

Then mkinitrd etc..

You can see what modules have been compiled with

 ls -la /lib/modules  .. e.g.

drwxr-xr-x  6 root root 4096 Jul  8 13:14 2.6.18-128.1.16.el5
drwxr-xr-x  6 root root 4096 Jul  7 22:32 2.6.18-128.el5
drwxr-xr-x  3 root root 4096 Jul 11 18:03 2.6.29.3-july11
drwxr-xr-x  3 root root 4096 Jul 11 19:36 2.6.29.3-july11a
drwxr-xr-x  3 root root 4096 Jul 12 11:05 2.6.29.3-july11c

Another thing you left out is the fact that after the make rpm (or make bzImage) the BUILD directory is not removed, and after you compile 4 or 5 times all the old BUILD diredctories will still be there, and you will run out of disk space on /usr.

Here is where they are:

ls -la  /usr/src/redhat/BUILD

drwxr-xr-x  3 root root 4096 Jul 11 22:15 .
drwxr-xr-x  7 root root 4096 Jul  7 22:29 ..
drwxr-xr-x 23 root root 4096 Jul 11 22:51 kernel-2.6.29.3july11c

You can safely erase the BUILD directories after you have finished the above steps, e.g.

rm -rf  /usr/src/redhat/BUILD/*