I have done builds with both RHEL 4 and RHEL 5. Both on machines in which I do not have root access.
For me I was able to simply provide an update python, some additional tools and it worked. (Note, I haven't tried it in the last 2 months though, so something may have broken since then.)
I have noticed of late, pseudo's definition of clone conflicts with my RHEL 4's definition of clone. Aside from that I haven't noticed any significant issues.
semantics of clone changed between RHEL 4 and RHEL 5. :(
The newer version of pseudo (upstream, not yet in Poky) fixes this issue.
It's still in development, so I wouldn't consider it stable yet -- but the reworking of the utility directories is what was needed to identify the differences.