According to my experience you do not have to recompile milo to boot 2.4 kernel. I compiled an 2.4.18 according to my needs and installed it to my ext2 partition. Then modified the milo.cfg on the milo fat partition to point to that image.
I tried to manually boot my new kernel, but it halted at the pci: tbia workaround enabled.line. I thought maybe recompiling milo (I'm using a 2.0.35 image from a suse distro
because the debian one didn't want to boot at all) would fix this. thanks, tilo