Thanks to everyone who pointed out my mistakes... And also to google for simplifying what used to take ages five years ago!

I've successfully compiled my first LFS build, and I will dd the partition to put it into My Personal Museum of Computing Accomplishments (TM).

I'll be installing gpm to get my mouse working and rp-ppoe for internet connection.

Again... thank you!

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Addendum:
Anyone knows any benchmarking apps for Linux (something like SiSoft Sandra for Windows - GUI optional) so that I can compare the performance of my LFS compilation against my Slackware host?
</Edit>