This appears to be a known problem within the kernel. It's due to ide-floppy not being devfs aware. My problem is that several patches have been made to fix this and I don't see them in gentoo-sources. This seems to be a small fix (it's in 2.5/2.6) and I'm asking that it be backported into gentoo-sources-2.4.
Does this still occur in gentoo-sources-2.4.22 ?
This bug has passed it's prime. Resolving unless told otherwise.