net-ftp/proftpd-1.2.7_rc3 relies on sys-apps/tcp-wrappers-7.6-r4, which is masked
This is true. My guess is that this only affects people using the default-1.0 profile (like me). I modified the proftpd ebuild to make that dep >=tcp-wrappers-7.6-r3, and emerge'd proftpd-1.2.7_rc3. Everything works fine this way. I hope this is OK with you, Bruce.
Its ok with me as long as it works for you.