Is any one else using a current kernel with X and a one-button mouse?

I'm finding that pressing Option-{1,2,3,<,>} releases as soon as I
move the mouse. That make is difficult or impossible to cut and paste,
or to use the xterm menus.

The single mouse button works OK, unless I've been playing with the
option buttons. Then it goes out to lunch for a while. Eventually 
something times out, and it comes back.

I'm using a server that I custom built earlier this year. I realize
that current isn't "supported," so I'd like to know if anyone who's
using a stock 1.3.2 X distribution observes a similar effect.