I am using debian sarge with following software versions to compile
kernel 2.4.32

	gcc version 3.3.5 (Debian 1:3.3.5-13)
	modutils version 2.4.26

Please find used config file attached. 

Result of depmod
# depmod -ae -F /boot/System.map-2.4.32 2.4.32
depmod: *** Unresolved symbols in 
	/lib/modules/2.4.32/kernel/drivers/ide/ide-core.o
depmod: 	init_cmd640_vlb

Kernel compiled using command

make-kpkg buildpackage

And installed with

dpkg -i kernel-image-2.4.32_10.00.Custom_i386.deb

::::::::::::::
/etc/kernel-img.conf
::::::::::::::
do_symlinks = yes
relative_links = yes
do_bootloader = no
do_bootfloppy = no
do_initrd = yes
link_in_boot = no
postinst_hook = /sbin/update-grub
postrm_hook   = /sbin/update-grub
::::::::::::::
/etc/kernel-pkg.conf
::::::::::::::
# This file is used by kernel-package (>2.0) to provide a means of the site
# admin to over-ride settings in the distributed debian/rules. Typically
# thus is used to set maintainer information, as well as the priority
# field. However, one may hack a full makefile in here (you should
# really know what you are doing here if you do that, though)

# Please change the maintainer information, as well as the Debian version
# below, (and maybe the priority as well, especially if you are uploading
# an official package)

# The maintainer information.
maintainer := Aki Tuomi
email := <removed>

# Priority of this version (or urgency, as dchanges would call it)
priority := Low

# This is the Debian revision number (defaulted to 1.0 in debian/rules)
# You may leave it commented out if you use the wrapper script, or
# if you create just one kernel-image package per Linux kernel revision
# debian := 1.0

Aki Tuomi