With help from this article and by gathering some rpm's I've succeeded in installing and using Mondo Rescue.
Mondo Rescue creates a bootable backup contaning all file-systems, but without /home. Together with the usual backups, this should be a complete recovery-set, so no re-install and re-applying all those little changes. This is also the best way to transfer the complete installation to another machine without re-installing.

To get it all working, I needed to install the following rpm's:

  • afio-2.4.5-5.i386.rpm
  • cdrecord-1.9-6.i386.rpm
  • lzo-1.08-1.i386.rpm
  • lzop-1.00-1.i386.rpm
  • mkisofs-1.9-6.i386.rpm
  • slang-devel-1.4.2-2.i386.rpm
  • syslinux-1.72-1.i386.rpm

Most of these you can find on the RedHat 7.1 cd's , only the last one was a bit harder to find.
Backup works just fine, just a bit slow though.