I want to set lpj to eliminate the calibration step in my kernel boot, but I do not see it in kernel_menuconfig. According to elinux it was added in 2.6.9-rc2. Is it present at all anymore?
You are not disabling it, you are just pre-setting the value so Linux does not have to calibrate loops per jiffy on every boot. It depends on your clock speed but it can save a small amount of time on every boot. It is as simple as getting your loops per jiffy value from the boot log and setting the lpj parameter in the kernel command string.