I'm running timesync here on a sheevaplug and an openrd-client. The invocation was
aux/timesync -s /net -nl -d /sys/log/timesync.d chips time1 time2 100 µs accuracy seems unlikely; you might try dropping the `-a 100000' from your invocation. The kbdq business is almost certainly a result of difficulty getting the uart machinery to work properly; I ought to revisit that stuff.