Your code doesn't compile.  old_base only exists ifdef CONFIG_SMP but
it's referneced for UP compiles @ timer.c:line 332
	if (old_base) {
		list_del(&timer->entry);
		ret = 1;
	}
ifdeffing it out works but I don't know if it's correct.  That's one
ugly function with your patch applied so one more ifdef won't hurt
(unless it's wrong.)
--- linux-sk/kernel/timer.c~fix-high-res	Wed Nov  6 03:14:30 2002
+++ linux-sk-jr/kernel/timer.c	Wed Nov  6 03:14:30 2002
@@ -329,10 +329,12 @@ repeat:
 	 * Delete the previous timeout (if there was any), and install
 	 * the new one:
 	 */
+#ifdef CONFIG_SMP
 	if (old_base) {
 		list_del(&timer->entry);
 		ret = 1;
 	}
+#endif
 	timer->expires = expires;
 	IF_HIGH_RES(timer->sub_expires = sub_expires);
 	internal_add_timer(new_base, timer);
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