This works for me as long as I use BBv1 but with BBv2 I also get an error:

src/boost_RC_1_34_0> export PYTHON_VERSION=2.4

src/boost_RC_1_34_0> export PYTHON_ROOT=/usr/local

src/boost_RC_1_34_0> bjam --v2

Building Boost.Regex with the optional Unicode/ICU support disabled.

Please refer to the Boost.Regex documentation for more information

(and if you don't know what ICU is then you probably don't need it).

warning: Python location is not configured

warning: the Boost.Python library won't be built

...patience...