The suspend extension is made to /usr rather than /usr/local, so I'm not too sure it is a good idea to make a tcz extension out of it.
Maybe it would make sense to extract libx86 from the suspend extension in order to test if vbetool is the answer to your problems? If it is, then I could recompile libx86 to /usr/local as a separate extension.
Edit: I played around with this a little - libx86 doesn't seem to want to compile in tc_2.x. Using libx86 from the suspend extension, vbetool requires libpci.a to build (not installed by pci-utils along with the headers and the .pc file) - after fixing all that, vbetools didn't seem to want to work...