Now to sit back & wait for help, googling didn't help (in fact google didn't like me for the latter half of yesterday). DIAS was down again (Intl Gateway problems) & so I couldn't post anything yesterday night.
Back to FC 1 for now.
Update : Seems I stumbled upon a really cool bug LOL. This problem was fixed about 12 hours ago on CVS. Here's the bug report on http://bugs.gentoo.org. I'll try it out after lunch.
Update @ 1322 : emerge sync got me the updated .ebuild script & iputils compiled flawlessly:). Going on strong in Stage 2 now.