@benny77, thanks for the instructions. Some feedback I have is that I do not think it is enough to just restore the Lion Golden Master dmg to a USB stick. I only started having luck when I followed instructions listed elsewhere, which involve finding the basesystem.dmg, restoring it, deleting the Packages link and copying the Packages folder to the USB stick. Then I installed Chameleon and /Extra, and everything worked.
Remaining issue I have is with sleep: it wakes up but then shows a busy cursor permanently. I did not use Chameleon 2.0 rc5 but the latest Chameleon 2.1svn. Might this affect sleep and wakeup capabilities of the Hackintosh M4300?
Also for Snow Leopard I posted a DSDT to insanelymac.com that made sleep work without sleepenabler. I am going to try to see if I can get Lion to work with this DSDT and no sleepenabler.
Also benny77, in your instructions could you indicate what options you chose during Chameleon install? How well does sleep work for you? Both from closing and reopening lid and explicitly calling sleep. Thanks for everybody's help.