Okay, I have a few findings. Kinda interesting.
I'll start with the bottom line. I got Truecrypt 7.1a to work nicely under unRAID 5.0. The "nokernelcrypto" option is key.
The beef:
a. I made the device mapper kernel module (dm-mod), which was only the beginning: to actually run, truecrypt in turn required a few other modules: dm-crypt, xts and gf128mul. Once all these were made available, there were no more kernel complaints; however, trying to mount a volume with truecrypt hung (never returned), and the mount did not complete. I could interrupt (^C), at which time I found that the work was half done - "tryecrypt -l" reports the volume as open, but it is not mounted. I didn't follow this path further, due to 2 below.
b. Once you use "nokernelcrypto", and you have kernel support for the FS you're mounting, you don't actually need the device mapper (or any related kernel module for that matter). I used a truecrypt binary(!!) from the truecrypt.org, and it "just works". If your FS is NTFS, you do need the ntfs-3g or else you're stuck with r/o, but this was expected and has already been covered in this topic.
c. In terms of performance, I don't know how much better would using kernel crypto have been, had I managed to make it work. I made some rough, crude measurements, and in my setup, TC adds ~25% to the wall-clock timing of copying a 800MB file. I tested with a set of zeros (dd if=/dev/zero of=/mnt/t/testfile bs=100K count=8000) and with a random file which I generated from /dev/urandom (to isolate the effect of built-in compression). Both gave similar readings.
Bottom line: to mount a TC volume in unRAID, you can do this:
1. Download the "Console-Only, 32bit" installer from truecrypt.org
2. Run it (I did it on a separate system, but you can probably do it on unRAID). Select the "extract TAR" option (not "install"). untar the file. Pick up the resulting "truecrypt" binary from .../usr/bin and copy it to a permanent location (say /boot/truecrypt/ or on the array).
3. Copy that binary to /usr/bin (can do it permanently as part of "go").
4. If your volume filesystem is NTFS, make sure ntfs-3g is installed (can do via uumenu).
5. Mount your volumes. You can either use kapperz' mount command to mount a whole drive (not part of the array), like so:
/usr/bin/truecrypt -k "" --protect-hidden=no -m nokernelcrypto --filesystem=ntfs-3g -p "$TCPASS" /dev/$DRIVE /mnt/$MOUNT_POINT
or mount a file container as a volume, like so:
/usr/bin/truecrypt -k "" --protect-hidden=no -m nokernelcrypto --filesystem=ntfs-3g -p "$TCPASS" /mnt/disk1/$TCVOL /mnt/$MOUNT_POINT
This is what I plan to do, in which case the volume is on protected storage.
It is possible to create new volumes and keyfiles with the command line truecrypt, but I'm creating mine in a GUI-ed system.
Hope this will help someone. Again, many thanks to kapperz for all the work and info!!