Hmmm, also having troubles with blender 2.4 ...
Which version of python and 4suite did you take to get it running?
Version 2.3 of python and the lastest version of 4suite (4Suite-1.0a3-py23-win32.exe)
I think that for Blender 2.4 you need Python 2.4
Sorry. I should have mentioned that I reverted to version 2.37a of blender.