Thanks to agentm for pointing me on the right track.
My Red Hat Enterprise Linux release 4 update 8 host has PostgreSQL
7.4.30 installed.
Using psycopg2-2.0.1 worked with no errors. Thank you!
>>I'm unable to get psycopg2-2.4 to build
>>on Red Hat Enterprise Linux release 4 update 8
Thanks for your time and attention,
David Sloboda