Hmm, it appears that as of today's update, this is no longer an issue. The machine is now suspending, hibernating and resuming just as it was under Dapper.
Kudos!
** Changed in: linux-source-2.6.17 (Ubuntu)
Status: Unconfirmed => Fix Released
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IBM T41 under Edgy: Kernel Panic for Suspend/Hibernate
https://launchpad.net/bugs/62196
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