[syslinux] PXE/NFS Root Problem

[pat]

Hey Folks,
I am attempting to set up a router box on a diskless machine. 
I have PXE boot rom and am able to load a kernel (2.4) and mount 
the root filesystem off the server. The kernel executes and then 
I get the kernel panic, with the "no init found" message. I have 
tried various permutations of the init= parameter (/bin/init, 
/bin/sh, etc..), the client machine can't seem to see any of the 
files on the server. I get a message on both the server side 
(mountd confirms mount request for the proper directory) and the 
client shows a kernel message that the VFS nfs root is mounted. I 
use DHCP to launch the PXE stuff. The root filesystem is exported 
with (rw,no_root_squash). The root filesystems was created by doing 
a minimal Slackware install to the subdirectory on the server.

Is there any way to get more detailed diagnostic messages to figure 
out what is going on?

Do I have to export all the directories individually, or just export 
the root?

Are there any permissions or user authentication steps for the client 
to perform in order to see the contents of the NFS root directory?

I have tested the nfs export and I can mount the shares from the client when
I boot normally (disk on chip).

Thanks, Pat