>System may be under load. Waiting for mysqld to start...
   >mysqld demon is not responding. Please try to start it manually with
   >/usr/pkg/libexec/mysqld --skip-grant --log
   
   I get this horking, too.  I just happened to be building mysql on my alpha
   tonight..


try doing this at `make install' time:

# env LD_LIBRARY_PATH=/usr/pkg/lib/mysql make install

as the mysql package links with libraries that are installed into
/usr/pkg/lib/mysql but does *not* use -R on them!  or something,
i forget :)