From what I understand there realy isn't much point compiling a kernel specificly for pentium 4 over i686 or i586, I could be wrong, though.
The stock (smp) kernel supports hyper-threading(I think) since 2.4.18 (current mainstream kernel is 2.4.23), however the kernel for Redhat has been heavily patched and modified from the stock vanilla kernel sources. I think redhat has supported hyperthreading in one way or another since redhat 7.3 at least. And has some support for the advanced scedualling needed for a performance increase using hyper threading. I think they backported 2.6's hyperthreading support.
You have to have SMP support compiled in the kernel, too. So look for SMP in your kernel of choice, maybe. I am unfamilar with what offerings come from Redhat, though.
To check it out do a:
cat /proc/cpuinfo
If you compiled a custom kernel you'd lose this support, though.
Hyperthreading is only usefull under specific circumstances though. For maximum cpu performance on a single programming thread is hurt by it. Or something like that. Multitasking is helped usually. Not to sure, I've seen benkmarks were it helped and others were it hurt.