Well, to round off this thread, I did manage to get all the way through.
On an FC5 box, you need to first run:
yum install gcc-c++.i386 libtool.i386 libieee1284-devel.i386 libtool-ltdl-devel.i386 libedit-devel.i386
For the gurus out there, I will be honest and say I am not sure which of the libtool packages above fixed my earlier problems, I just know that one of them did!
HOWEVER - I still couldnt actually get the system working. Please, oh Please could someone please do up a set of instructions for FC5 to match the original mail setup?
btw - thanks martinfst for your help.