I compiled a 10.7.4 kernel with a mix of patches with R:A:W 's patches and the anv's legacy kernel 0.5.1 for on the fly patching, it boots up for x86_64 and i386 without instant reboot. but gives a kernel panic near where launchd would start up...
I'll upload it soon for you to test.. I doubt you'll get any further than the KP tho, interesting that I am the only one who made a kernel that didn't instantly reboot....
http://www.mediafire.com/download.php?u3kbvqy9it4sjda