docutils-0.4.tgz is avaialable, and would probably build fine with the existing ebuild. However, several GLEPs are included in the gentoo specific parts of the ebuild and need to be updated. FYI, note in the readme that docutils-0.5 will require python-2.2 or newer. http://docutils.sourceforge.net/RELEASE-NOTES.html#release-0-4-2006-01-09
Committed, sorry for the delay (took me a while to get around to updating and testing the glep bits).