OK, so - if I boot tc-rc05 without Xorg-7.4.tcel and with only glib2.tcel loaded, conky.tcel works: $ conky -b &
conky: can't allocate X color 'grey' [doesn't like gray either]
conky: can't allocate X color '#ddd'
conky: failed to set up double-buffer
i.e. despite me saying that Xorg-7.4, expat2, libxml2 and glib2 were required, things appear to work with only glib2.
I built conky.tczl with cramfs and the filesize is 110592 bytes, so I will post.