recompile kernel or update spec file and rpmbuild?

[Greg]

I have been looking at either recompiling the kernel on each machine or
run xconfig on the dev system with the same hardware specs, optimize it
and then use that output to update the kernel-xx.config files in the
kernel SRPMs, then rpbuild -ba the SPEC and be done since all the non
dev systems are stripped bare rpm wise and couldnt compile squat if they
wanted to.

Anyone have any pointers? Any pitfalls to lookout for? 

How about any links on optimization as I am starting to focus around
that area now and searching this list for kernel 2.4 compile left me
with an injured index finger from left-clicking too much :)

thanks!

-Greg