Once again delete the /opt/ltsp/i386 dir,,! only the i386 dir!
then as root do an ltsp-build-client with NO options.
After this is done,,on the server open an terminal and do
tail -f /var/log/messages ,,,leave this open
Now boot your TC,,and copy/paste what is thrown into this terminal
window onto the list here. this may show something of what is actually
making your TC fail.
Also have you tried a few different TC's or,,are you trying the exact
same TC to boot each time?
If you are trying the same TC every time, dig out another candidate as
an TC with slightly different hardware and boot it.
Also make sure you have done an!
service iptables stop ,,,in a terminal ,, to stop iptables/firewall.
before you try booting any TC's.