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

I'm just using the release version of boost 1_33_1, but I get those warnings if I don't have the version and root path in user-config.jam in my home directory -- not the user-config.jam in the boost directory. You'd want to add something like:

using python : 2.4 : "/usr/local" ;

Did you try that already?