Bootsplash Framebuffer problems

[slam_head]

I've recently tried setting up the bootsplash on my PowerBook R40 without much success. I followed the Framebuffer/Bootsplash Howto.
GRUB
title Gentoo Linux w/ Framebuffer
root (hd0,5)
kernel (hd0,5)/boot/vmlinuz video=radeonfb:1024x768-32 splash=verbose
initrd (hd0,5)/boot/initrd-splash
splash=verbose

I'm running linux-2.6.9-gentoo-r12 gentoo-dev-kernel, with all the necessary options.
At boot I get this error:
checking if image is initramfs...it isn't (ungzip failed); looks like an initrd