Hello,
I've been able to compile and launch 2.6.11-rc3 from last CVS snapshoot.
First, there's something wrong with "make ip32_defconfig" which generate config file with "Kernel code model = 64-bit kernel" (MIPS64=y) but doesn't preselect "Use 64-bit ELF format for building" (BUILD_ELF64=n)
doing so, "make" quickly generates an error:
O2 doesn't use 64-bit ELF format. You have to use o64. See the arch/mips/Makefile portion of http://dev.gentoo.org/~geoman/cvs.diff for the proper changes. I'm willing to bet a lot of your problems will go away if you stop using ELF64. Such a kernel will boot, but it never quite works right. Not only that, but 64-bit kernels have had some major problems in 2.6.11 so far that I'm not sure Ralf has completely fixed just yet. Last I knew swap still didn't work, so I bet that is where your swap problem is coming from.
Steve