The problem seems to reside not only in iPhuc (which needs to be compiled for PPC) but also in Readline, that famous library file that should be in the /opt/local/lib/ folder. This one also needs to be PPC. I have installed MacPorts, installed Readline for PPC, installed XCode, compiled iPhuc and I still cannot copy the rdisk0s1 image disk to my hard drive (it creates an empty file in less than a second instead of showing the transfer of every byte for 1-2 minutes).
Fortunately, I had a Intel Mac at home, so my iPod is now hacked and full of native apps...