Seems like compat-gcc-32 is not included in RHEL5 Beta1, not even compat-libgcc-32 (but compat-libgcc-296 is included). What is the deal here? No compat*32 packages in RHEL5? gcc 3.2 is default compiler on RHEL3...
We only ship one compatibility compiler and for older releases just runtime libraries. The RHEL3 compatible runtime libs (from compat-gcc-32*.src.rpm) are in compat-libstdc++-33 package, for 2.96 we also only include runtime libs plus libgcc.a (2.96-RH was before the introduction of libgcc_s.so and some programs like older Oracle versions just don't against contemporary libgcc), we don't ship 2.96 gcc either.