Just for the record, I ran chkrootkit in one of my laptops running Slitaz 5 rc3 but which was not updated for about 4 weeks now.
On this laptop I do not get the Unknown HZ value message and chkrootkit does not return an error with /bin/login program either.
So it seems that a recent update, I guess to busybox (that is the only one I recall being updated recently but I may be way off the mark here), that is causing this issue.
Will update this machine and report back.
EDIT :
My laptop was last updated 15 days ago. Recharged and updated hoping that I would be able to replicate the problem but no such problem was reported after the update.
The only other difference I noticed was that the system I am having the problem was set to POSIX locale while the laptop was set to en_AU. Changed the locale of the former to en_AU but the error message still appears.
The only other difference is that I had to load toolchain and linux source in the first machine to compile the proprietary nVidia driver which is not in use in the second.
I am reasonably confident that this is not a major problem after doing the tests but would be nice to be able to isolate the issue.
Any suggestions will be greatly appreciated but I will close this post for now.
Thanks everyone.