I have used the SMC ultra lots with ltps 3.0
You don't need to specify IO (I don't anyway) and if you use dhcp V3 there
are some things you need to add the the dhcpd.conf file so you don't get the
syntax error.
Below is a sample of my dhcpd.conf also you are restarting dhcp after making
changes
Tim,
If you want to see if the 'NIC=smc-ultra IO-0x260'
parameters are being passed properly, you can
view the kernel command line.
The trick is, that when you boot the workstation,
and it fails with the error messages, you can
press Shift-PageUp, and scroll backwards through
the boot messages.