Please see the wiki: http://puppylinux.org/wikka/Amaya for details
I shall build with Squeeze/Zen first, due to the library requirements.
then extend it too Wary and Quirky and the 5 series.
I'm not sure it will work with v4, due to the requirements, but will have a go when I get to a stable beta as it will need quite a lot of libraries added, so will most likely end up a sfs due to size.
ETA is Christmas 2010 for the first alpha/beta release.