This procedure works fine for years on RH/CentOS 3+ The current machine is a core 2 duo with x86_64 CentOS 4.4 (updated)
Assuming that you actually REALLY need apache 1.x (which is effectively the walking dead and should be avoided in my opinion) I'd recommend getting the src.rpm from centos2 and rebuilding that rather than building from scratch source. If nothing else, you may want to look at some of the patches used there to allow it to compile and see what exactly you need.