Ok seems I managed to create a useable compile. Here is how to do it on a working scratchbox.

0. Read everything before you start.
1. Download 0.9.8y sources
2. Apply the patches. Many will apply with offsets. "10_pic.patch" won't apply. We have yet to determine what is actually does and whether we need it. The "2X_openssl-psk" do apply but cause the compilation to fail. I am not sure whether they are still needed for something.
3. ./Configure shared --prefix=/usr --openssldir=/usr/lib/ssl no-idea no-mdc2 no-rc5 zlib enable-tlsext debian-armel
4. make -f Makefile all. I skipped "make depend" because the rule script also does it does way...
5. Compiliation is done. Libraries can be copied to your N900.
6. This is only for tinkerers for now. I do not claim to know what I am doing.