setup.py has a couple of issues that prevent building
One is that a variable extra_compile_args is used
without being set.
The other is that MySQL 4.1 has it's (release) libs in
$(mysqlroot)/lib/opt instead of $(mysqlroot)/libs
Also, it should be noted, that mysqlclient_r.lib wsn't
available in the MySQL 4.1.14 build, though you can
override the client to link with a variable.
Please find a patch enclosed.