The new x11-drm-20040827 installs in /lib/modules/x.y.z/xfree-drm. This is probably ok except that /etc/modules.d/x11-drm has these contents: keep path[x11-drm]=/lib/modules/2.4.27/x11-drm (there is also a file in /etc/modules.d called xfree-drm left over from my xfree-drm installs but I deleted that).
Sorry, I left the path in the Makefile. This should be fixed now.