I found it... I was spelling out KERNEL in KERNCONF (note the EL)
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gunslinger# make buildkernel KERNEL=QUADXEON
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>>> WARNING: KERNEL= setting should be changed to KERNCONF=
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gunslinger# make buildkernel KERNCONF=QUADXEON
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>>> Kernel build for QUADXEON started on Thu Jan 8 18:29:54 EST 2004
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===> QUADXEON
Never mind! Thanks for pointing me in the right direction though guys!
>> Stay informed about: buildkernel KERNCONF=MACHINE builds GENERIC