conversion_create.sql (Related to BUG#1072)

I am having a problem with doing an initdb in 7.4.2.

How I compiled it:
./configure
make
make install

So the binaries/libraries were intalled in /usr/local/pgsql.

I then moved /usr/local/pgsql to /usr/local/pgsql.7.4.2

Following is how I tried initdb and it fails, not being able to resolve
$libdir
in conversion_create.sql.

bash$
bash$ initdb -D /usr/local/pgsql.7.4.2/data -L /usr/local/pgsql.7.4.2/share/
The files belonging to this database system will be owned by user
"postgres".
This user must also own the server process.

The database cluster will be initialized with locale en_US.

fixing permissions on existing directory /usr/local/pgsql.7.4.2/data... ok
creating directory /usr/local/pgsql.7.4.2/data/base... ok
creating directory /usr/local/pgsql.7.4.2/data/global... ok
creating directory /usr/local/pgsql.7.4.2/data/pg_xlog... ok
creating directory /usr/local/pgsql.7.4.2/data/pg_clog... ok
selecting default max_connections... 100
selecting default shared_buffers... 1000
creating configuration files... ok
creating template1 database in /usr/local/pgsql.7.4.2/data/base/1... ok
initializing pg_shadow... ok
enabling unlimited row size for system tables... ok
initializing pg_depend... ok
creating system views... ok
loading pg_description... ok
creating conversions... ERROR: could not access file
"$libdir/ascii_and_mic": No such file or directory

initdb: failed
bash$

If I edit conversion_create.sql to change all references of $libdir to
"/usr/local/pgsql.7.4.2"
then it works well.

Is there any workaround for this where I don't have to change
conversion_date.sql.

Thanks in advance for all help,
guna.