No, the DEC Alpha development for Debian 1.1 seems to have stalled for
now, as far as I know - it is possible that the developers defected to
Red Hat since the Red Hat alpha port is already released. I suspect we
could use some more developers. I would suggest you install the Red Hat
Alpha system, and then if you'd like to work on Debian use that as a
bed to build the Debian packages.
The 68k port seems to be nearing something useful. They've found that
some packages required a lot of changes, and they are still
communicating these to the package maintainers.