You can't run a libre kernel on the Raspberrg Pi because it requires lots of
firmware. It won't boot without proprietary software: the nonfree bootloader
has to load a GPU 'blob' which then initialises the rest of the system
functions. The GPU blob is not just firmware: its functions are very similar
to a real OS.
Your best bet is Pidora or Arch.Pidora seems to not be maintained (you should
investigate further) but only includes the necessary nonfree stuff to boot
and run the Pi, so this may be more desirable than Arch. You probably know
the drill: it's an RPM based distribution, albeit a community one rather than
officially supported by Fedora and Red Hat. Arch gets better support and can
use packages from official Arch ARMv6hl packages (they actually support back
to ARMv5!). Arch include nonfree programs in the repository but it is well
optimised for the Pi's hardware, and almost all the distributions for the Pi
have similar inclusions. Also try the Rasbian minimal image, and install and
run vrms to ditch some firmware for wireless adapters etc. Note that stuff
not in Debian nonfree repo (Pi specific proprietary software such as
Minecraft and Matlab etc) won't be picked up by vrms. I also found Rasbian
considerably more unreliable than Arch, due to the inclusion of things like
Oracle Java and the Pi specific proprietary software which can sometimes
conflict or misbehave for unknown reasons.
It's also possible to run Debian armel with custom kernel.
Try Pidora, but if you are going for another distribution then go for Arch
over Rasbian.
SuSE also has a port, although is similar to Pidora.